Since the start of the COVID-19 pandemic, struggling SMEs and SMBs have found it more difficult to find the capital they need to survive. At the same time, alternative lenders like fintechs have had to adapt their plans in order to continue being a reliable source of financing. Such creativity will still be needed in 2021 as more opportunities arise.
Enova International completed the acquisition of OnDeck Capital for approximately $122 million. In July, Enova entered into a definitive agreement to acquire all outstanding shares of OnDeck in a cash and stock transaction that was originally valued at approximately $90 million.
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.
OnDeck appointed Mark Torossian as senior vice president, Finance, a newly created role that will oversee the organization’s Accounting and Financial Planning & Analysis functions.
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.
As fintech companies start counting their birthdays in the double-digits, both traditional lenders and regulatory bodies have had to accept the world rapid online lending has created. Ken Brause of OnDeck, Eyal Lifshitz of BlueVine and Sebastian Rymarz of Fundbox sat down with ABF Journal to take stock of the past decade or so in the fintech world, discuss some of the changes seen in 2018 and speculate on what the future may hold for the industry.
OnDeck has appointed Lonnie Hayes as its head of Sales and Strategy for ODX, a wholly owned subsidiary of OnDeck that assists banks with streamlining and digitizing small business credit origination.