Fintech lender OnDeck turns ten

By Ryan Weeks on Monday 4 September 2017

Alternative Lending

NYSE-listed platform OnDeck reflects on ten years of lending to small businesses.

There’s only a few ten year-old companies in the fintech lending sector; OnDeck is now one of them. The online lender turned ten on Friday last week, marking the occasion with an infographic of its most significant milestones.

OnDeck has lent over $7bn to more than 70,000 small businesses across the US, Canada and Australia to date. The platform branched out beyond the US in 2015, less than a year after listing on the New York Stock Exchange. Today it bears a market cap of a little over $305m.

The firm’s share price has come a long way down to under $5 today, down from $20 at the time of its IPO. Lending Club, another NYSE-listed online lender, has seen a similar decline in its share price over the past few years. There has been a great deal of speculation lately that OnDeck may be bought by rival lender Kabbage, which recently raised $250m from SoftBank’s Vision Fund.

OnDeck’s celebratory infographic also highlighted its role as a founding member of the Innovative Lending Platform Association, founded in 2016, which has launched various initiatives designed to boost transparency across the industry.

Unsurprisingly, the infographic also made mention of the recent announcement that OnDeck has extended its licensing deal with JPMorgan Chase, which is seen as an important part of the company’s future.

"OnDeck started lending online to small businesses ten years ago with a customer-first philosophy and a relentless commitment to providing capital online with speed, efficiency and top-quality service to America's small business owners," said Noah Breslow (pictured), CEO of OnDeck and the company's first employee.  "This is still the hallmark of our business today as we celebrate a decade of innovation on behalf of small business owners, truly the lifeblood of our economy."

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