30 October 2014

BBVA Compass partners OnDeck on small biz loans

07 May 2014  |  2736 views  |  0 wallet

US bank BBVA Compass has enlisted tech-powered lender OnDeck to help it assess small businesses looking for loans.

The bank will use the OnDeck Score to analyse thousands of data points - from cash flow to public records to social data - to assess the health of a small business.

The data will then be used to provide qualifying business clients with loans up to $250,000, six- to 24-month payment terms, and funding in as fast as one business day.

Lonnie Hayes, small business segment director, BBVA Compass, says: "OnDeck's unique ability to quickly and accurately evaluate a business's performance will allow us to help more entrepreneurs secure the financing they need, when they need it."

Founded in 2007, OnDeck raised $77 million in funding earlier this year and has now delivered more than $1 billion in financing to small businesses but the BBVA Compass deal marks its most important partnership so far with a major bank.

James Hobson, COO, OnDeck, says: "Our vision has always been to have banks leverage our platform to more efficiently connect their customers to capital."

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