JPMorgan Appoints Former Obama Advisor to Lead Fintech Strategy
Quartz reported that Seth Wheeler, a former economic advisor to President Obama, has joined JPMorgan Chase as a managing director leading fintech and innovation strategy.
Quartz reported that Seth Wheeler, a former economic advisor to President Obama, has joined JPMorgan Chase as a managing director leading fintech and innovation strategy.
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.
According to the DealBook, investors continue to see potential in alternative lending platforms such as OnDeck Capital.
OnDeck Capital reportedly filed for an initial public offering, amid strong investor interest in nonbank lending companies.
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.