Round to Fuel Tech-Powered Lender's Rapid Growth
NEW YORK, March 6, 2014 OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today it raised $77 million in a growth investment round led by Tiger Global Management with participation from existing investors Institutional Venture Partners, RRE Ventures, SAP Ventures, Google Ventures, First Round Capital and Peter Thiel. OnDeck has now raised a total of $180 million in equity and over $300 million in debt financing. The company also announced it will hit the $1 billion mark in total capital deployed to Main Street businesses by mid-March.
OnDeck will use the funds to advance its main growth initiatives: accelerating new product development, geographic expansion, robust marketing and aggressive hiring.
Today's announcement reinforces two key themes for the company: continued confidence from top investors that we are the leading alternative lender for small businesses and extremely strong customer demand for our product, said Noah Breslow, chief executive officer, OnDeck. OnDeck's rapid growth, driven by our innovation and commitment to Main Street, proves that we have built the premier transformative lending platform that makes it faster and easier for business owners to secure capital.
The growth investment round was welcomed by existing OnDeck investors.
We are pleased to have Tiger Global Management join our team of investors. This provides yet another strong affirmation that OnDeck is the leading financial technology solution in the small business market space, said Sandy Miller, general partner, Institutional Venture Partners. We have seen how their platform has helped drive an entire new industry, and we believe the company is poised to become a leading brand for small business financing.
Alternative lending continues to disrupt traditional channels that have failed small businesses. OnDeck is leading this industry with its innovative lending platform that more effectively evaluates the creditworthiness of small businesses, and can more efficiently deliver critical growth capital to them. The company offers loans from 3 to 24 months and $5,000 to $250,000 with approvals in minutes and funding in as fast as 24 hours.
For more information please visit www.OnDeck.com.
About OnDeck
Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the OnDeck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The companys proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owners personal credit history. The OnDeck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed nearly $1 billion in capital to tens of thousands of businesses across 725 different industries. The company grew 150% in 2013, and was recently named #11 on Forbes 100 Most Promising Companies in America list and was listed on the Inc. 500/5000 for a second year in a row. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nations leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures, Institutional Venture Partners and Tiger Global.
For more information, please visit: www.ondeck.com. Follow OnDeck on Twitter @OnDeckCapital
--
Most recent headlines
30/12/2024
The pace of technology innovation has accelerated in the past year, most dramati...
29/12/2024
Gyeongnam Culture and Arts Foundation (GCAF), an active promotor of cultural and artistic diversity, has chosen Ikegami UHK-X700 camera chains for integration i...
27/12/2024
After starting 2024 with hopes that the transition to streaming might finally produce a more stable, profitable businesses, the media and entertainment industry...
27/12/2024
Broadcasters ended the year with hopes and fears about how the federal government will regulate the TV industry in 2025. While the incoming Trump administration...
27/12/2024
NVIDIA's AI Podcast gives listeners the inside scoop on the ways AI is transforming nearly every industry. Since the show's debut in 2016, it's gar...
26/12/2024
Talking about artificial intelligence in 2024 is akin to talking about the internet in 1994 everyone's excited about it and thinks it will have an enormous ...
26/12/2024
Back to All News
Netflix NFL Christmas Gameday Reaches 65 Million US Viewers
Entertainment
26 December 2024
GlobalUnited States
Link copied to clipboard
N...
26/12/2024
Back to All News
Check Out All the Must-See Trailers From Netflix's NFL Chr...
26/12/2024
Back to All News
Beyonc Delivers Epic Gift of a Halftime Performance "Beyonc...
26/12/2024
Back to All News
Get in the Game With Squid Game' Season 2 Complete Coverage Guide
Entertainment
26 December 2024
Global
Link copied to clipboard
Are...
26/12/2024
This GFN Thursday wraps up another incredible year for cloud gaming. Take a look back at the top games and new features that made 2024 a standout for GeForce NO...
24/12/2024
The National Film and Video Foundation (NFVF) is calling for applications from South African film and television filmmakers to be part of the NFVF's delegat...
24/12/2024
WASHINGTON, D.C. The Federal Communications Commission Enforcement Bureau said Paramount Global is being fined $244,952 for violations of emergency alerting rul...
24/12/2024
NEW YORK Carnegie Hall's video-streaming channel, Carnegie Hall+, said it will celebrate the holiday season by offering a wide selection of holiday-themed o...
24/12/2024
LOS ANGELES PlayersTV, an athlete and fan-owned media company, has announced the acquisition of Cloud Media Center, an AI-driven sports adtech and media distrib...
24/12/2024
The Best Playlists of 2024 The top playlists we created in 2024, from dad rock to dembow.
By
Tara Bellucci
December 23, 2024
Image by Kelly Davidson
Tak...
24/12/2024
Editor's note: This post is part of the AI Decoded series, which demystifies AI by making the technology more accessible, and showcases new hardware, softwa...
23/12/2024
At IBC2024, Grass Valley CTO Ian Fletcher told attendees at GV Forum that broadcast is now an IT industry. During our discussions at the show, TVBEurope heard v...
23/12/2024
According to co-director Nick Park, the production team embraced technology to help create the iconic duos latest adventure
By Jenny Priestley
Published: Dec...
23/12/2024
VFX house Lux Aeterna used wave height data from the National Oceanic & Atmosphe...
23/12/2024
We are committed to supporting and investing in Foxtel's television and streaming services, across both sports and entertainment, using our world-leading te...
23/12/2024
From AI to IP, the cloud to virtual production, key industry executives take a look back at some of the biggest trends that impacted the media and entertainment...
23/12/2024
Boost Graphics, the specialist international graphics and virtual production subsidiary of EMG / Gravity Media, the leading force in production and content & me...
23/12/2024
LucidLink, the leading storage collaboration platform revolutionizing how global teams work, proudly announces its achievement of the prestigious Trusted Partne...
23/12/2024
Mediagenix, a leader in software solutions for content strategy, content value management, and content scheduling, announces the appointment of Bruno Langlais a...
23/12/2024
WCTEPublic Media Venture Group (PMVG) has announced that it is now providing real-time translation of closed captioning from English to Spanish on PMVG's Ne...
23/12/2024
Deltatre, the tech company behind the media and sporting moments that matter, has appointed Charlie Mitchell as Head of Sports for the Americas. Charlie will sp...
23/12/2024
Media Excel, a global leader in real-time video solutions, proudly announces the appointment of Matthew Goldman to its Technical Advisory Board. A distinguished...
23/12/2024
Disguise the company behind the virtual production technology used on commercials for Apple Music and Lenovo, as well as feature film Daddio starring Sean Pen...
23/12/2024
Leading AI and video search company Moments Lab is pleased to announce its integration with Bitcentral. The integration enables Bitcentral Oasis MAM users to en...
23/12/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that ABC Commercial has partnered with Amagi to la...
23/12/2024
Digital Alert Systems, the global leader in emergency communications solutions for media providers, today announced that Ed Czarnecki, the company's vice pr...
23/12/2024
Matthews Studio Equipment, known for the heftiest hardware, has a new solution to simplify mounting live production moving lights to standard grip equipment. Th...
23/12/2024
Matthews Studio Equipment expands its trusted Road-line with the launch of RoadBags, durable fillable sandbags available in three sizes. Whether in the studio o...
23/12/2024
Sport Lisboa e Benfica, one of Portugal's most prestigious football clubs, has partnered with Clear-Com to upgrade the communications system at the Est dio...
23/12/2024
At stand B6.734, Black Box will showcase its Emerald KVM-over-IP solution, which enables smarter studio control with secure remote access from anywhere, along...
23/12/2024
OOONA, a leading provider of professional management and production tools for the media localization industry, announced today a partnership with Audio Descript...
23/12/2024
Dunk The Halls: ESPN Refines Animated Altcast Tech and Ops with a Helping Hand F...
23/12/2024
With the holiday season in full swing, we are delighted to bring you a special digital event, Leading Through Change with Technicolor Group's Chief People O...
23/12/2024
Netflix Kicks Off NFL Christmas Games: Behind the Scenes With the Streaming Gian...
23/12/2024
Friendly Confines Go Frozen: TNT Sports Augments 2024 NHL Winter Classic Coverag...
23/12/2024
ESPN's Tina Thornton on Producing The Simpsons Funday Football, Upcoming Dun...
23/12/2024
Dunk The Halls: ESPN Refine Animated Altcast Tech and Ops with a Helping Hand Fr...
23/12/2024
Back to All News
NFL Christmas Gameday Live Comes to Netflix With Blimps, Hot C...
22/12/2024
News Corp Announces Agreement to Sell Foxtel to DAZN for Enterprise Value of A$3...
22/12/2024
Back to All News
Netflix Showcases Global Anime Hits and New Releases at Jump Festa 2025
Entertainment
22 December 2024
GlobalJapan
Link copied to clipboar...
21/12/2024
Artist's concept of the Parker Solar Probe spacecraft approaching the sun. Credit: NASA/Johns Hopkins APL...
21/12/2024
DALLAS and NEW YORK The NBA's Dallas Mavericks, working with Endeavor Streaming, Softtek and the NBA, have launched an official streaming platform for MavsT...
21/12/2024
As tech billionaire Elon Musk takes an increasingly high-profile policy role in the incoming Trump administration, a former Federal Communications Commission ch...
Round to Fuel Tech-Powered Lender's Rapid Growth
