On Deck Nabs $42 Million To Serve As Online Lender For Local Businesses

On Deck, a New York-based company that provides local businesses with short-term loans, has raised $42 million in a fourth round of capital funding.

Institutional Venture Partners led the round, with existing backers RRE Ventures, SAP Ventures and First Round Capital also joining in, according to TechCrunch. The company has now raised more than $75 million in equity and says it will use the capital for additional growth.

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