OnDeck Capital

Mitch Jacobs{{Cite web|url=http://www.contourventures.com/index.html|title=Contour Venture Partners|website=www.contourventures.com|access-date=2017-09-16}} founded OnDeck in 2006 and headquartered the company in New York City.{{Cite news|url=https://www.forbes.com/sites/hollieslade/2014/03/06/small-business-algorithm-lender-ondeck-raises-77m/#1390aef53d90|title=Small Business Algorithm Lender, OnDeck Raises $77M|last=Slade|first=Hollie|work=Forbes|access-date=2017-09-16|language=en}} Jacobs sought funding from venture capital companies, with early investors including First Round Capital, Khosla Ventures, Village Ventures, Contour Venture Partners, RRE Ventures, SAP Ventures (now Sapphire Ventures), Google Ventures and Tiger Global Management.{{Cite news|url=http://www.sramanamitra.com/2010/06/28/working-capital-debt-financing-for-entrepreneurs-mitch-jacobs-founder-and-ceo-on-deck-capital-part-1/|title=Working Capital (Debt) Financing For Entrepreneurs: Mitch Jacobs, Founder And CEO, On Deck Capital (Part 1) {{!}} Sramana Mitra|date=2010-06-28|work=Sramana Mitra|access-date=2017-09-16|language=en-US}}{{Cite web|url=http://www.rre.com/ondeck-1|title=OnDeck|website=RRE Ventures|language=en-US|access-date=2017-09-16}}{{Cite news|url=https://techcrunch.com/2013/05/01/on-deck-adds-17m-from-google-ventures-and-peter-thiel-to-help-small-businesses-connect-with-capital/|title=On Deck Adds $17M From Google Ventures And Peter Thiel To Help Small Businesses Connect With Capital|last=Empson|first=Rip|work=TechCrunch|access-date=2017-09-16|language=en}}{{Cite web|url=http://www.signalhill.com/transactions/detail/on-deck-capital-has-received-series-c-funding-from-sap-ventures|title=On Deck Capital Has Received Series C Funding from SAP Ventures: Signal Hill|website=www.signalhill.com|access-date=2017-09-16}}{{Cite web|url=https://blogs.wsj.com/venturecapital/2014/03/06/ondeck-capital-raises-77m-led-by-tiger-global-to-expand-small-business-lending/|title=OnDeck Capital Raises $77M Led by Tiger Global to Expand Small Business Lending|last=Chapman|first=Lizette|date=2014-03-06|website=WSJ|language=en-US|access-date=2017-09-16}}

In 2007, the company introduced its short-term loan product and made its first loan, and by early 2010, the company had made over $50M in loans to small businesses in the U.S.{{Cite web|url=http://www.crainsnewyork.com/article/20100423/BLOGS05/304239998/an-innovative-alternative-to-bank-credit|title=An innovative alternative to bank credit|date=11 February 2013 }}

Jacobs left OnDeck in 2012, and Noah Breslow became the company's CEO. OnDeck completed its IPO in December 2014 and became listed on the New York Stock Exchange under the symbol ONDK, raising $230 million in the offering.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1420811/000119312515085523/d851079d10k.htm|title=Form 10-K|website=www.sec.gov|access-date=2017-09-16}} In 2015, the company expanded its operations into Canada and Australia,{{cite web|url= http://smallbusinessloansaustralia.com/ondeck-review-borrowers/ |title= OnDeck Australia Review|publisher=Small Business Loans Australia|accessdate=2017-12-29}} the latter operating as OnDeck Capital Australia Pty Ltd in partnership with MYOB.{{Cite news|url=http://www.cbc.ca/news/business/ondeck-one-of-the-new-innovators-in-small-business-lending-1.3052555|title=Online loans for small business: New lenders set to transform financial services|work=CBC News|access-date=2017-09-16|language=en}}{{Cite news|url=http://www.smh.com.au/business/banking-and-finance/us-online-business-lender-ondeck-to-set-up-in-australia-20150414-1ml9f0.html|title=US online business lender OnDeck to set up in Australia|work=The Sydney Morning Herald}}

In July 2020, OnDeck was acquired by Chicago consumer lender Enova International.{{Cite web |last=Fuscaldo |first=Donna |title=Struggling Online Lender OnDeck Sold To Enova International |url=https://www.forbes.com/sites/donnafuscaldo/2020/07/29/struggling-online-lender-ondeck-sold-to-enova-international/ |access-date=2022-07-12 |website=Forbes |language=en}}

In June 2016, JPMorgan Chase made a deal with OnDeck to offer an online lending process to its small business customers.{{Cite news |last=Simon |first=Ruth |last2=Rudegeair |first2=Peter |last3=Glazer |first3=Emily |title=Inside J.P. Morgan's Deal With On Deck Capital |url=https://www.wsj.com/articles/inside-j-p-morgans-deal-with-on-deck-capital-1451519092 |access-date=2017-09-16 |work=WSJ |language=en-US}} The bank uses OnDeck’s origination and loan servicing technology to supply small businesses with same or next-day funding.{{Cite news|url=http://www.lendacademy.com/an-in-depth-look-at-the-ondeckjpmorgan-chase-deal/|title=An In Depth Look at the OnDeck/JPMorgan Chase Deal - Lend Academy|date=2015-12-04|work=Lend Academy|access-date=2017-09-16|language=en-US}}{{Cite news|url=https://www.forbes.com/sites/amyfeldman/2015/12/01/why-jpmorgan-chase-and-on-deck-capital-are-teaming-up-to-offer-small-business-loans/#31b3b0a36d63|title=Why JPMorgan Chase And On Deck Capital Are Teaming Up To Offer Small Business Loans|last=Feldman|first=Amy|work=Forbes|access-date=2017-09-16|language=en}} JPMorgan Chase and OnDeck announced an extension of their collaboration in August 2017.{{Cite news|url=http://www.pymnts.com/smbs/2017/jpmorgan-chase-ondeck-extend-digital-banking-lending-partnership-for-smbs/|title=JPMorgan Chase OnDeck Extend Digital Banking Lending Partnership for SMBs}} The JPMorgan Chase partnership ended in July 2019.{{Cite news|url=https://www.americanbanker.com/news/jpmorgan-chase-ends-business-loan-partnership-with-ondeck/|title=JPMorgan Chase ends business loan partnership with OnDeck}}

OnDeck’s referral partners include Intuit QuickBooks, Angie’s List, Prosper Marketplace, Credit Karma, and WEX Inc.{{Cite web|url=http://investors.intuit.com/Press-Releases/Press-Release-Details/2015/Intuit-and-OnDeck-to-Launch-100M-Small-Business-Lending-Fund/default.aspx|title=Intuit and OnDeck to Launch $100M Small Business Lending Fund|website=investors.intuit.com|language=en-US|access-date=2017-09-16}}{{Cite web|url=http://investor.angieslist.com/releasedetail.cfm?ReleaseID=907350|title=Angie's List Teams with OnDeck (:ANGI)|website=investor.angieslist.com|language=en|access-date=2017-09-16}}{{Cite press release |url=http://www.prnewswire.com/news-releases/prosper-marketplace-and-ondeck-announce-strategic-partnership-300065272.html |title=Prosper Marketplace And OnDeck Announce Strategic Partnership |website=www.prnewswire.com |language=en |access-date=2017-09-16}}{{Cite web|url=https://www.creditkarma.com/shop/business-loans|title=Small Business Loans {{!}} Credit Karma|website=www.creditkarma.com|access-date=2017-09-16}}{{Cite web|url=https://www.waveapps.com/lending/|title=Small Business Loan and Line of Credit from Wave|last=Wave|website=Wave|access-date=2017-09-16}}{{Cite news|url=https://www.wexinc.com/wex-corporate/wex-partners-with-ondeck-for-better-small-business-financing/|title=WEX and OnDeck for Better Small Business Financing|date=2017-01-25|work=Corporate Payments Insights|access-date=2017-09-16|language=en-US}}

OnDeck is a founding member of the Innovative Lending Platform Association (ILPA), a trade organization representing online lending and service companies that serve small businesses.{{Cite web|url=http://innovativelending.org/|title=Innovative Lending Platform Association|website=ILPA|language=en-US|access-date=2017-09-16}} In 2016, the ILPA, in partnership with the Association for Enterprise Opportunity, launched The SMART Box, a “model small business pricing disclosure...focused on empowering small businesses to better assess and compare finance options.”{{Cite news|url=http://innovativelending.org/smart-box/|title=SMART Box - ILPA|work=ILPA|access-date=2017-09-16|language=en-US}}

OnDeck also partners with SCORE, an American non-profit that provides small businesses with free advice and mentors.{{Cite web|url=https://www.score.org/ondeck-business-loans|title=OnDeck Business Loans {{!}} SCORE|website=www.score.org|language=en|access-date=2017-09-16}}

OnDeck Capital has been criticised for its high interest rates. In 2015, its average loan had an annual 51% interest rate.{{cite web|url=https://www.inc.com/jeremy-quittner/on-deck-wants-to-make-alternative-lending-mainstream.html|title=How OnDeck Plans to Make Alternative Lending a Blue Chip Business|work=Inc.|first=Jeremy|last=Quittner|date=13 March 2015|accessdate=16 September 2017}} In 2014, Bloomberg BusinessWeek called OnDeck "payday lending for businesses", relying on brokers who were "less-than-scrupulous."{{cite web|url=https://www.bloomberg.com/news/articles/2014-11-13/ondeck-ipo-shady-brokers-add-risk-in-high-interest-loans|first=Zeke|last1=Faux|first2=Dune|last2=Lawrence|title=Is OnDeck Capital the Next Generation of Lender or Boiler Room?|date=13 November 2014|accessdate=16 September 2017|work=Bloomberg BusinessWeek}}

• Crain’s New York Business Fast 50, 2013, 2014, 2015, 2016{{Cite news|url=http://www.crainsnewyork.com/gallery/20131006/FEATURES/926009999|title=No. 1 Convene - 2013 Fast 50 {{!}} Crain's New York Business|work=Crain's New York Business|access-date=2017-09-16}}{{Cite news|url=http://www.crainsnewyork.com/gallery/20141012/FEATURES0101/101209996|title=2014 Fast 50 {{!}} Crain's New York Business|work=Crain's New York Business|access-date=2017-09-16}}{{Cite web|url=http://www.crainsnewyork.com/features/2015-fast50|title=Crain's New York Business - Fast 50|website=Crain's New York Business|access-date=2017-09-16}}{{Cite web|url=http://www.crainsnewyork.com/features/2016-fast50|title=Crain's names 50 fastest-growing companies in 2016|website=Crain's New York Business|access-date=2017-09-16}}
• Forbes’ America’s Most Promising Companies, 2014{{Cite news|url=https://www.forbes.com/companies/ondeck/|title=OnDeck on the Forbes America's Most Promising Companies List|work=Forbes|access-date=2017-09-16|language=en}}

{{reflist}}

{{Authority control}}

Category:Financial services companies established in 2006

Category:Technology companies of the United States

Category:Companies based in New York City

Category:2014 initial public offerings

Category:Companies formerly listed on the New York Stock Exchange

Category:2020 mergers and acquisitions