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Main Street Pulse Report Points to Holiday Gifting and Regulatory Compliance Driving Demand for Capital
NEW YORK, Jan. 23, 2014 /PRNewswire/ -- OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today the company exited 2013 with record annual revenue growth of 150% and an annualized run rate of $100 million in revenue. The company also released the January 2014 edition of its Main Street Pulse Report. OnDeck's loan volume now surpasses $825 million in capital delivered to Main Street since the company's inception. The company's strong performance reflects its focus on innovative technology and credit models, superior marketing strategies and aggressive hiring efforts.
The company also reported significant gains across other key areas:
"Our momentum is a result of our team's flawless execution and our ability to better identify creditworthy small businesses through technology," said Noah Breslow, chief executive officer, OnDeck. "OnDeck's 150% revenue jump in 2013 demonstrates both the high quality of our disruptive solution to a flawed traditional lending system, and the continued need small businesses have for lenders that can deliver fast and friction-free capital."
The company's Main Street Pulse Report identifies insights and drivers of increased growth capital demand. The study shows that OnDeck's top three applicant categories achieved robust year-over-year increases in 2013: Restaurants were up 102%; Auto Repair 95%; and Contractors & Residential Construction 306%. This growth among community pillar industries represents the pent up demand for financing and the failure of traditional lenders to meet that demand.
This edition of the study also saw a number of industries rebound from recession years, suggesting that small business activity – a significant driver of the US economy – will continue to grow in 2014. Highlights from the study include the following cyclical, seasonal and industry-oriented observations:
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Harnessing big data to determine the creditworthiness of a business, OnDeck's lending platform has created a seamless system for small business owners to gain critical growth capital in a fast and efficient manner. Through the company's technology, a credit decision can be made in minutes and funding delivered in as fast as 24 hours.
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 company's proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner's 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 over $825 million in capital to tens of thousands of businesses across 725 different industries. The company is growing at greater than 100 percent annually, and was recently named to Forbes' 100 Most Promising Companies in America list and 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 nation's leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures and Institutional Venture Partners.
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