# On Deck Capital

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/on-deck-capital

- Industry: Financial Services
- Headquarters: South Jordan, US
- Website: www.ondeck.com/
- Total disclosed funding: $167M
- Latest round: Series E (Feb 27, 2014)
- Investors on record: 10

## About

On Deck Capital, Inc. is a U.S.-based financial technology company that specializes in providing small business lending solutions, enabling quick access to capital for growth and operational needs.On Deck Capital, Inc. offers financing solutions for small businesses, having been founded in 2006 in South Jordan, US. The company has undergone significant changes in its operational strategy, resulting in its acquisition by Enova International, Inc. in July 2020. On Deck was co-founded by Devan Anderson, Mitch Jacobs, and Tara Kastury, with Devan Anderson currently serving as CEO. The company has raised a total of USD 90.00 mn through various funding rounds, including a TRADE SALE in December 2014, with a notable deal involving USD 230 mn raised by offering shares. On Deck has successfully completed 15 deals to date.OnDeck primarily offers small business funding solutions through two main products: a Business Line of Credit and Term Loans. The Business Line of Credit allows customers to access a revolving credit line ranging from USD 6,000 to USD 200,000, providing immediate funds that can be drawn upon 24/7. OnDeck's Term Loans provide a one-time lump sum of cash from USD 5,000 to USD 250,000, suitable for larger investments such as equipment purchases or business expansion. Since its inception, OnDeck has funded over 150,000 businesses and delivered approximately USD 15 bn in loans across the United States, focusing on sectors like retail, healthcare, and service-oriented businesses.OnDeck generates revenue primarily through interest and fees associated with its lending products. In 2019, the company reported a revenue of USD 399.82 mn and an EBITDA of USD 97.62 mn. Clients usually repay their loans over a specified term of up to 24 months, with average annual percentage rates (APRs) for term loans around 56.4% and lines of credit averaging 56.6%. This structured pricing model caters to businesses with varying creditworthiness while ensuring a sustainable revenue stream for OnDeck.On Deck Capital plans to utilize its recent funding from the TRADE SALE and subsequent acquisition to enhance its product offerings and expand into new markets. The firm is in the process of designing additional financial products tailored to evolving business needs, though specific release dates are not yet disclosed. Additionally, On Deck aims to increase its presence in underserved geographic regions, which may include various states across the U.S. to better serve small businesses. Recent funding has been earmarked to support these growth initiatives, addressing market demands and facilitating quick access to capital for a broader clientele.

## Funding rounds

- Series E, Feb 27, 2014, $77M — Institutional Venture Partners, RRE Ventures, Industry Ventures, First Round Capital, Sapphire Ventures, Tiger Global Management, GV
- Series D, Feb 13, 2013, $60M — Institutional Venture Partners, RRE Ventures, Industry Ventures, First Round Capital, Sapphire Ventures, GV
- Series C, Jan 26, 2012, $4.7M — RRE Ventures, Village Ventures, Sapphire Ventures
- Series C, Dec 20, 2010, $15M — First Round Capital, Sapphire Ventures
- Series B, Dec 4, 2007, $8.7M — RRE Ventures, Village Ventures, Khosla Ventures, First Round Capital, Contour Venture Partners
- Series A, Oct 25, 2006, $2M — Village Ventures, Khosla Ventures, First Round Capital, Contour Venture Partners

## Investors

- Village Ventures (https://capitalatlas.ai/funds/village-ventures) — Series A, Series B, Series C
- Khosla Ventures (https://capitalatlas.ai/funds/khosla-ventures) — Series A, Series B
- First Round Capital (https://capitalatlas.ai/funds/first-round-capital) — Series A, Series B, Series C, Series D, Series E
- Contour Venture Partners (https://capitalatlas.ai/funds/contour-venture-partners) — Series A, Series B
- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Series B, Series C, Series D, Series E
- Sapphire Ventures (https://capitalatlas.ai/funds/sapphire-ventures) — Series C, Series D, Series E
- Institutional Venture Partners (https://capitalatlas.ai/funds/institutional-venture-partners) — Series D, Series E
- Industry Ventures (https://capitalatlas.ai/funds/industry-ventures) — Series D, Series E
- GV (https://capitalatlas.ai/funds/gv) — Series D, Series E
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series E