Online lender OnDeck entered into a definitive agreement to combine its Canadian lending operations with Evolocity Financial Group, a private, Montréal-based online small business lender. The combined enterprise will be branded OnDeck Canada and majority-owned by OnDeck.
The transaction will combine the direct sales, operations, and local underwriting expertise of the Evolocity team with the marketing and business development capabilities of the Toronto-based OnDeck team. The combined enterprise will also benefit from the scale, technology and data analytics of the wider OnDeck group.
Neil Wechsler, CEO of Evolocity Financial Group, will serve as CEO of OnDeck Canada, with a management team that includes Evolocity co-founders David Souaid as chief revenue officer and Harley Greenspoon as chief operating officer.
“The combination of OnDeck’s Canadian operations with Evolocity will create a leading online platform for small business financing throughout Canada and represents a significant investment in the Canadian market,” said Noah Breslow, OnDeck chairman and CEO. “There is an enormous need among underserved Canadian small businesses to access capital quickly and easily online, supported by trusted and knowledgeable customer service experts. Working together with the outstanding Evolocity team, we will provide a broad range of financing options to further enhance the small business lending experience across Canada.”
“We are excited to join forces with OnDeck, the North American leader in online small business lending, to enhance our best in class digital financing solutions to small businesses across Canada,” added Wechsler. “Additionally, this transaction will augment our data science and analytics capabilities to help deliver an unparalleled merchant experience. OnDeck Canada is well positioned to be a leader in the Canadian marketplace.”
The combination of OnDeck’s Canadian operations and Evolocity will allow small businesses in Canada to benefit from a broad offering of innovative financing options, delivered by a dedicated Canadian customer team, operating locally out of offices in Montreal and Toronto.
