Machine Learning

OnDeck Announces New Strategic Partnership Initiatives

OnDeck

OnDeck is teaming up with SoFi and LendingTree to provide more options for small businesses seeking funding

OnDeck, part of Enova, today announced a growing list of strategic partnerships, including SoFi Technologies, Inc. (“SoFi”) andLendingTree, specifically aimed at helping small businesses around the country. These partnerships bring together best-in-class digital lending products and FinTech offerings with OnDeck’s Artificial Intelligence (AI) and Machine Learning (ML) expertise, giving small businesses more options for obtaining effortless access to working capital that supports their growth.

“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,” said Jim Granat, senior vice president of Enova and co-head of OnDeck. “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.”

OnDeck, the largest online small business lender in America, has led the industry in its effort to increase access to financing for small businesses and has issued more than $14 billion in capital. Together with its strategic partners, OnDeck is enabling small business owners to more easily find and apply for the best loan options for them, whether through an online marketplace, website, or app. As leaders in the FinTech and financial services space, OnDeck, SoFi and LendingTree are well-positioned to continue to grow market share and win.

“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,” added Granat. “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.”

More information on OnDeck’s small business financing options can be found at OnDeck.com.

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.

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