App Allows Small Businesses to Manage OnDeck Accounts on the Go
NEW YORK, July 15, 2015 /PRNewswire/ — OnDeck® (NYSE: ONDK), a leading platform for small business lending, today announced the launch of a new mobile app that allows small business owners the versatility to manage their OnDeck accounts on the go. Among other features, customers can use the app to securely draw funds, check account balances and transaction history, make payments and contact customer service, all from their mobile devices.
“We are always striving to improve the lives of busy small business owners who are constantly on the go,” said Pamela Rice, Senior Vice President of Technology, OnDeck. “Since 2007, our proprietary technology has streamlined the small business loan process and our new mobile app represents our overall mobile strategy – to deliver the highest quality interaction with small business owners, wherever they are, and wherever they’re going.”
The OnDeck app offers customers an enhanced mobile experience and supports the company’s 360-degree approach to customer service and communication with computer, tablet and mobile device access. It is currently available on Android devices for both OnDeck’s Line of Credit and Term Loan customers.
OnDeck will be rolling out an iOS version of the app later this year and will continue adding functionality to further enhance the customer experience. For more information on the OnDeck mobile app, please visit the Google Play store.
OnDeck (NYSE: ONDK), a leading platform for small business loans, is committed to increasing Main Street’s access to capital. OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on personal credit. The OnDeck Score®, the company’s proprietary small business credit scoring system, evaluates thousands of data points to deliver a credit decision rapidly and accurately. Small businesses can apply for a line of credit or term loan online in minutes, get a decision immediately and receive funds in as fast as the same day. OnDeck also partners with small business service providers, enabling them to connect their customers to OnDeck financing. OnDeck’s diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitization and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.
Since 2007, OnDeck has deployed more than $2 billion to more than 700 different industries in all 50 U.S. states, and also makes small business loans in Canada. The company has an A+ rating with the Better Business Bureau and operates the website BusinessLoans.com which provides credit education and information about small business financing. On December 17, 2014, OnDeck started trading on the New York Stock Exchange under the ticker ONDK.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements can be identified by words such as “will,” “enables,” “expects,” “allows,” “continues,” “believes,” “anticipates,” “estimates” or similar expressions. These include statements regarding the expected roll out and timing of an iOS version of the OnDeck mobile app and possible future functionality additions. Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, the economy and other future conditions. As such, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control. Therefore, you should not rely on any of these forward-looking statements. Our expected results may not be achieved, and actual results may differ materially from our expectations. Important factors that could cause actual results to differ from our forward-looking statements are the risks that we are unable for technical or other reasons to introduce the iOS version of the mobile app as scheduled or at all, or able to add expected functionality; that customers do not adopted and use the mobile app as expected; that the mobile app does not work as well as intended, and other risks including those described in our Annual Report on Form 10-K for the year ended December 31, 2014 under the heading “Risk Factors” and in other documents that we file with the Securities and Exchange Commission, or SEC, from time to time which are available on the SEC website at www.sec.gov. Except as required by law, we undertake no duty to update the information in this press release.
Kathryn Harmon Miller
OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are trademarks of On Deck Capital, Inc.