(New York, NY) February 6, 2013 – On Deck, the technology-powered Main Street lender, announced today that it has been named number 94 on Forbes’ 100 List of America’s Most Promising Companies – a list of one hundred privately held, high-growth companies with bright futures.
On Deck secures its ranking on the heels of a record performance in 2012. The company experienced a rapid rate of 100% growth; a total of more than $350 million dollars in loans deployed to the critically underserved small business population; raised nearly $100 million in credit facility commitments jointly led by Goldman Sachs and Fortress Credit Corp.; tripled the number of distribution partners to 1,500 nationwide and expanded its bank partnerships.
“We are honored and humbled to be included on this prestigious list of America’s Most Promising Companies,” said Noah Breslow, chief executive officer, On Deck. “We appreciate Forbes’ recognition of the On Deck team and our innovative technology solution to America’s small business financing challenges. In just a few years we have grown from start-up to industry leader, and are excited about our continued growth prospects.”
The final assessment of which companies make the America’s Promising Companies list is based on growth (both in sales and hiring), quality of management team and investors, margins, market size and key partnerships. To view the complete list, please visit http://www.forbes.com/most-promising-companies/list.
On Deck’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. On Deck offers loans from $5,000 to $150,000 in as fast as 2 business days to restaurants, retailers, auto repair shops and other local service providers. Demand for financing through the On Deck platform has surged, with more than $350M deployed since inception.
About On Deck
Launched in 2007, On Deck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the On Deck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company’s proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business 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.