BBVA Compass partners OnDeck on small biz loans
07 May 2014 | 4521 views | 0
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."