NEW YORK, May 9, 2012 /PRNewswire via COMTEX/ — On Deck ( www.ondeck.com ), the technology platform that connects Main Street directly to capital, has been selected to present at the FinovateSpring 2012 conference in San Francisco today. On Deck’s Chief Operating Officer, Noah Breslow, will demonstrate how its latest technology innovation will allow financial institutions to leverage the On Deck platform to efficiently deliver capital to small businesses.
FinovateSpring 2012 is a two-day showcase of the latest innovations in financial technology (FinTech) from leading established companies and emerging young startups. The expected 1,100 attendees include bankers, investors, system integrators, technology vendors, industry analysts, and media representatives.
“On Deck is committed to using innovating technology to address the financial needs of small businesses and the financial institutions that support them,” said Noah Breslow, president, On Deck. “Finovate is an influential event that showcases the most exciting new technologies in finance, and we look forward to demonstrating how the On Deck platform can make serving small business efficient and cost effective for financial institutions.”
Traditionally, banks and other financial institutions have lacked the infrastructure to underwrite small businesses in an efficient and cost effective manner. As a result, lenders have been forced to judge small businesses largely based on the personal credit score of the business owner. However, the personal credit score does not accurately reflect the financial health of a business – and as a result millions of creditworthy small businesses are denied the capital they need to grow. Through On Deck’s technology platform, organizations ranging from banks and credit unions to Community Development Financial Institutions (CDFI’s) now have access to a highly efficient way to accurately judge this segment, and can vastly increase the number of small businesses they serve.
“At Finovate, we’re always eager to witness technology that creates solutions to longstanding problems.” said Eric Mattson, CEO, Finovate. “We’re excited to see On Deck demonstrate how their technology will help financial institutions better serve small businesses.”
After the conference, a recording of On Deck’s demo will be available on the Finovate website.
To date, the On Deck system has delivered over $200M to Main Street businesses nationwide. On Deck is helping to solve financing challenges on Main Street by using data aggregation and electronic payment technology to efficiently and accurately analyze the financial health of a business and provide greater access to capital.
About On Deck
Launched in 2007, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation’s leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures.
FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Francisco, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit http://www.finovate.com/spring2012.