By Rip Empson – May 1, 2013

Because there are so many small businesses out there on Main Street that don’t have access to the same juicy venture capital rounds that seem pervade today’s tech industry, On Deck set out in 2007 to provide mom-and-pop business owners with an easy way to secure the capital they need to grow their businesses. Using data aggregation and electronic payment technology, On Deck aims to simplify the borrowing process for small businesses by offering them a fast, online alternative to the traditional old bank loan.

The startup’s alternative approach to lending and evaluating the creditworthiness of SMBs has seen it deploy over $450 million in loans and allowed it to raise $100 million in credit facility from Goldman Sachs and others in 2012. After declining offers from British online lender Wonga that were reportedly as high as $250 million, On Deck raised $42 million in series D financing in February, led by IVP, with contributions from its existing investors, SAP Ventures, RRE Ventures and First Round Capital.

As a result of the round, IVP General Partner Sandy Miller joined the startup’s board. Miller has been involved in over 100 tech IPOs over his career, which we surmised at the time could well be a signal of On Deck’s future intentions. This, combined with its growing credit line and traction, appears to have investors lining up at the startup’s door.

Today, On Deck announced that it will be expanding its Series D financing with $17 million in new capital, raised from a lineup of familiar names. The round was led by Google Ventures, with participation from PayPal co-founder, education contrarian and prolific investor, Peter Thiel and Industry Ventures. This brings the startup’s total Series D to $59 million and brings its total capital raised to date to $100 million.

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