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OnDeck Enters Into New Strategic Partnership Initiatives to Improve Working Capital Access for Small Businesses

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OnDeck has announced a growing list of strategic collaborations, including ones with SoFi Technologies, Inc. (SoFi) and LendingTree, all geared at assisting small businesses across the country. These agreements combine OnDeck’s Artificial Intelligence (AI) and Machine Learning (ML) expertise with best-in-class digital lending products and FinTech offerings, giving small businesses more alternatives for acquiring easy access to working capital that supports their growth.

Jim Granat, senior vice president of Enova and co-head of OnDeck, said, “For small businesses striving to grow, simple and fast access to working capital remains one of the most significant barriers, especially for businesses banks often overlook. As we continue to enhance and expand our online lending offerings to support the backbone of our country—U.S. small businesses—we are focused on leveraging our ML and AI and deepening our strategic partner channels to meet small businesses where they are and drive a more effortless funding experience.”

Granat, added, “Since Enova acquired OnDeck in 2020, OnDeck Co-Head Cory Kampfer and I have been focused on delivering a faster and easier experience for small businesses seeking financing online. We hope to develop and continue to innovate with strategic partners to deliver instant underwriting and an effortless customer experience from end to end – and to become the go-to-choice on embedded financing options for partners in the future.”

OnDeck, America’s largest online small business lender, has led the market in increasing small business access to credit, having issued more than $14 billion in funding. OnDeck is making it easier for small company owners to locate and apply for the best loan options for them, whether through an online marketplace, website, or app, thanks to its strategic partners. OnDeck, SoFi, and LendingTree are well-positioned to continue to expand market share and win as FinTech and financial services leaders.

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