Ondeck is a technology-enabled financial platform that provides loan financing to small- and medium-sized businesses.
OnDeck uses proprietary software to aggregate data about a businesses operations, which is processed by an algorithm that determines loan eligibility. 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.
OnDeck was founded in 2006 by Mitch Jacobs and is based in New York City, with additional offices in Arlington, Virginia; and Denver, Colorado in the United States; Toronto in Canada; and Sydney in Australia.
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. 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.
OnDeck’s referral partners include Intuit QuickBooks, Angie’s List, Prosper Marketplace, Credit Karma, Wave Accounting, and WEX Inc. The company also partners with SCORE, an American non-profit that provides small businesses with free advice and mentors.
Ondeck is backed by leading global investors including First Round Capital, Khosla, Village Ventures, Contour Venture Partners, RRE Ventures, SAP Ventures (now Sapphire Ventures), & GV among others. The company has raised a total of $1.2B in funding, before it went public on Dec 16, 2014, with a $1.3B IPO valuation.