Alternative Finances

OnDeck To Surpass $1 Billion in Loans to Small Business

07 March 2014

OnDeck, which provides alternative loan services to small-and-medium sized businesses (SMBs), has successfully closed a $77 million growth investment round led by Tiger Global Management. Tiger joins existing investors Google Ventures, RRE Ventures, Industry Ventures, SAP Ventures, First Round Capital, Peter Thiel and Institutional Venture Partners.

“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,” ,Institutional Venture Partners general partner Sandy Miller said in a released statement.

OnDeck has raised a total of $180 million in equity and over $300 million in debt financing to date.

OnDeck is also set to surpass the $1 billion mark in funds dispersed to SMBs by mid-March 2014.

“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 securing capital faster and easier for business owners,” said CEO Noah Breslow.

OnDeck will be one of the innovators at this years IP. The time for buying tickets is running short, so don’t forget to get yours.

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