OnDeck Capital was founded in 2006 by entrepreneur Mitch Jacobs. Early investors for the company include First Round Capital, Village Ventures, and Tiger Global Management.
The company uses proprietary software to collect data about a business which is then processed by an algorithm that determines loan eligibility.
In December 2014, the company completed its IPO on the NYSE but after being acquired by Enova International in July 2020, the ticker symbol changed to ENVA.
OnDeck is an online small business lending company offering term loans and lines of credit.
OnDeck has been criticized for its very high-interest rates, with the average loan posting a 51% annual interest rate.
Despite this, Money listed OnDeck as being one of the best fast business loans in an article dated January 2023.
In May 2022, OnDeck announced that it would team up with SoFi and Lending Tree to provide more options for small businesses that are seeking loans, lines of credit, or other funding.
OnDeck maintains a corporate office in New York, New York.
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