OnDeck raises $77 million in funding
OnDeck is an alternative lending company that has raised $77 million in funding led by Tiger Global Management with participation from Institutional Venture Partners, RRE Ventures, SAP Ventures, Google Ventures, First Round Capital and Peter Thiel. OnDeck has raised a total of $180 million in equity and $300 million in debt financing.
OnDeck also announced that it will hit $1 billion in total capital deployed to small businesses by the middle of March. OnDeck provides loans to small businesses that normally would not be considered for a loan by a bank.
OnDeck makes a decision to invest in a company within minutes and funds them within a day. The average loan size is $40,000, but it could make a loan as high as $250,000. The typical loan times are around 3-24 months.