Fintech lender OnDeck has provided $3 billion in small business loans in eight years. Now the company is developing a new online product for banking giant JPMorgan Chase. Business lending is moving into the 21st century, and other banks are also dipping a toe in the fintech water.
Opus Bank entered into a marketing and referral agreement with OnDeck that will leverage Opus’ 58 retail banking office distribution using OnDeck’s credit and funding platform.
Intuit is partnering with OnDeck to launch a new QuickBooks Financing Line of Credit to enable small businesses to use their QuickBooks Online data to apply for loan offers with click of a button.
BBVA Compass announced it is teaming with lender OnDeck to offer loans of up to $250,000 to small businesses, based on a health analysis from OnDeck’s Score technology.
OnDeck announced its inaugural securitization transaction, the first in the non-SBA direct business lending industry. The $175 million fixed rate note purchasers include insurance companies, mutual funds, money managers and various asset management firms.
OnDeck announced it unveiled a new loan product called OnDeck Term 24 to better serve the increasing needs of established small businesses.
OnDeck announced that it received funding commitments for credit facilities totaling over $130 million, with participation from Deutsche Bank, Key Bank and Square 1 Bank.
OnDeck said its 2013 Main Street Pulse Report revealed that 73% of small business owners surveyed believe the economy is getting better and want to grow their business.