Lending Times | September 21, 2017
OnDeck, with its vision to provide lending solutions to Small and Medium Enterprises (SME), has gone from strength to strength since its 2007 inception to emerge as the largest online lender to small businesses. It has been able to win in an increasingly competitive environment, is now a listed corporation, and has successfully completed a decade whereas its peers have faced many strong headwinds. Let´s put light on the journey of OnDeck into an SME lending giant.
OnDeck, an alternative lending platform, entered the P2P lending space in August 2007 with the intention to gain a foothold in SME lending. With its “customer first” philosophy, it has focused on providing speedy, efficient, and top quality lending solutions to SMEs. The company was founded by Mitch Jacob (founder), a serial fintech entrepreneur. So far, OnDeck has provided $7 billion in loans to over 70,000 customers in almost 700 different industries. The company has over 400 employees on its payroll and more than $150 million in annual revenue.