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 offices Arlington, Virginia and Denver, Colorado.
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's lead Investor includes Credit Suisse, Tiger Global Management, IVP etc.