OnDeck Sees $27.7MM Net Income in 2018

OnDeck announced fourth quarter 2018 net income of $14 million, an increase from $9.8 million from the previous quarter. The company’s full year 2018 net income of $27.7 million was significantly improved from its net loss of $11.5 million in 2017.

OnDeck Receives $85MM Revolver Arranged by SunTrust, SVB

Small business online lender OnDeck closed an $85 million corporate revolving credit facility. SunTrust Bank and Silicon Valley Bank served as arrangers on the facility, while MB Financial Bank and Congressional Bank joined them as lenders.

SunTrust Agents $199.7MM Amended Facility for OnDeck

OnDeck amended and restated its existing $119.7 million asset-backed revolving debt facility with SunTrust Bank as administrative agent and Wells Fargo as paying agent and collateral agent.

OnDeck Canadian Operations to Merge with Evolocity

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, OnDeck Partner to Launch Digital Business Lending Platform

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 Creates ODX to Help Small Banks Digitize Services

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.

OnDeck Small Business Lending Tops $10B

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 Adds New $175MM ABL Revolver from Liberty Mutual, Ares

OnDeck closed a $175 million asset-based revolving credit facility consisting of funds provided by Liberty Mutual Insurance and its affiliates and funds managed by affiliates of Ares Management.

OnDeck Q2 Originations Up 26% Y/Y, Assets Exceed $1B

OnDeck reported Q2/18 originations of $587 million, an increase of 26% from a year ago, with growth in both term loans and lines of credit. Total assets increased from $996 million at year end in 2017 to $1,072 million as of June 30, 2018.

Crédit Suisse, Crédit Agricole Provide $93MM ABL Facilities to OnDeck

Online lender OnDeck closed an AUD$75 million ($55.179 million) asset-backed revolving credit facility with Crédit Suisse and a C$50 million ($37.753 million) asset-backed revolver with Crédit Agricole.