Enova International entered into a definitive agreement to acquire all outstanding shares of OnDeck in a cash and stock transaction valued at approximately $90 million.
OnDeck is partnering with Celtic Bank to serve small business owners seeking funding under the Small Business Administration’s Paycheck Protection Program.
Online lender OnDeck released its third quarter 2019 results. It reported net income of $8.7 million, adjusted net income of $7.8 million and gross revenue of $112.6 million.
Online lender OnDeck appointed Deb Stroff chief people officer. Stroff will be responsible for leading all aspects of people strategy, including overseeing organizational design, talent management, recruiting, leadership development and learning.
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.
PNC Bank plans to begin offering fully digital business lines of credit, up to $100,000, in 2019 in an expansion of its online lending to customers and prospects in the U.S. PNC is partnering with fintech lender OnDeck to develop the new platform.
OnDeck launched ODX, a new company that will focus on helping banks digitize their small business lending process. ODX will operate as a wholly-owned subsidiary of OnDeck with Brian Geary serving as president.
Fintech business lender OnDeck achieved a milestone in the industry, becoming the first non-bank online lender to surpass $10 billion in total loans originated to small businesses.
OnDeck appointed Kenneth A. Brause CFO. Brause previously worked for CIT as treasurer. Prior to that, he led the North America Banking group, including oversight of the Equipment Finance division.
OnDeck reported Q4/17 net income of $5.1 million compared to a net loss of $35.9 million for the same quarter in 2016. Q4/17 provision charges of $34.4 million compared to $55.7 million for the same quarter a year earlier.