New Banking Syndication Adds Significant Funding Capacity
Montreal, Quebec – November 9, 2022 – OnDeck Canada, a leading fintech player in the small business lending space, today announced that it has expanded its senior credit facility to $75 million. The senior credit facility was arranged by Bank of Montreal (“BMO”), the company’s senior lender since 2017, and now includes Equitable Bank.
Since its founding in 2008, OnDeck Canada has endeavored to increase access to capital for Canadian SMBs, a traditionally underserved market, via proprietary technologies. Its deeply held belief that all businesses deserve the opportunity to invest in their growth, regardless of size, continues to drive OnDeck Canada forward.
“We are truly appreciative that BMO and Equitable Bank have decided to partner with us and support our efforts to provide Canadian businesses with greater access to working capital. Fintech lenders continue to transform the Canadian marketplace for small business borrowers, and we are proud to be one of the fastest growing and most trusted online small business lenders in Canada. The support of BMO and Equitable Bank validates our growth initiatives and will allow us to continue to execute on our mission of providing Canadian SMBs working capital they need to grow and thrive, quickly and easily,” said Neil Wechsler, CEO of OnDeck Canada.
“We are proud of our continued partnership with OnDeck Canada,” said Nicolas Vanier, Managing Director & National Team Lead, Specialty Finance, Canadian Commercial Banking, BMO Bank of Montreal. “OnDeck Canada’s innovative approach offers tremendous value for its customers which helps contribute to a thriving economy, a key part of our purpose.”
OnDeck Canada will use this new funding to accelerate the growth of its SMB financing programs.
About OnDeck Canada
OnDeck Canada is a national leader in reliable, accessible, and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances. Since 2008, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours. For more information, visit www.ondeck.ca.