OnDeck Launches Venture to Enable Real-Time Small Business Loans
OnDeck launched a collaboration with Ingo Money and Visa to enable real-time funding of loans to small businesses via their debit cards, powered by Visa Direct.
OnDeck launched a collaboration with Ingo Money and Visa to enable real-time funding of loans to small businesses via their debit cards, powered by Visa Direct.
Jared Kogan joined Pearl Capital Business Funding as chief revenue officer. Kogan has spent 10 years in the fintech space, most recently as director of OnDeck’s broker division.
In August 2007, OnDeck closed its first online commercial loan. To date, OnDeck has provided more than $7 billion in capital to more than 70,000 customers. The company has extended its collaboration with JPMorgan Chase for four more years.
OnDeck reported lower Q2/17 net losses compared to the same quarter in 2016. Loan volume of $464.4 million was down from $589.7 million a year earlier. YTD provision charges of $78.9 million were up 37% from $57.7 million a year earlier.
Online small business lender OnDeck has launched a partnership with Payment Source, the largest retail distribution network for prepaid products in Canada.
Online lender OnDeck extended its current $100 million asset-backed revolving credit facility with SunTrust Bank to November 2018.
OnDeck reported a Q1/17 net loss of $11.1 million despite a gross revenue increase of $30.3 million, which was partially offset by loan loss charges of $46.2 million, up from $25.4 million in Q1/16.
Fintech lender OnDeck amended its credit agreement with Deutsche Bank, increasing the revolving commitment from $75 million to $100 million and extending the period to May 3, 2019.
Reuters reported online lender Kabbage is in talks to raise equity funding that could be used for acquisitions. OnDeck was named as a possible target.
Online lender OnDeck amended its asset-backed revolving credit facility with Deutsche Bank to extend the maturity date to March 2019 and to increase the facility’s borrowing capacity by approximately $52 million to a total of up to approximately $214 million.