NEW YORK, Aug. 22, 2014 /PRNewswire/ -- OnDeck (www.ondeck.com), the technology-powered Main Street lender, announced today that it was named to the 2014 Inc. 500|5000 list for the third year in a row. The Inc. 500|5000 list represents the fastest-growing private companies in the U.S.
"Earning another spot on the Inc. 500|5000 list is an honor and further underscores the importance of our mission to make capital access more efficient for small businesses nationwide," said Noah Breslow, chief executive officer, OnDeck. "It's been an exciting few years for the company and we owe this recognition to both our dedicated team and our customers."
OnDeck has helped to transform the broken lending system and create a movement of making alternative lending mainstream in the United States. The company's proprietary technology, the OnDeck Score(TM), leverages big data to evaluate the creditworthiness of a small business, making the borrowing process simple, fast and transparent.
OnDeck has achieved several major accomplishments so far this year, including:
-- Crossing the $1 billion mark in capital deployed to date -- Releasing the Economic Impact Study, which found that OnDeck's $1 billion deployed has created $3.4 billion in economic output and 22,000 jobs -- Launching Term24, the first-of-its kind product on the market to better serve the increasing needs of established small businesses -- Securing $77 million in funding led by Tiger Global -- Entering into the securitization market -- Making the Forbes' 100 List of America's Most Promising Companies for the second year in a row -- Ranking #18 on Selling Power's 2014 50 Best Companies to Sell For
The average company on the Inc. 500|5000 list achieved a three-year growth of 516%. The aggregated revenue is $211 billion, generating 505,000 jobs over the past three years.
"What surprises me, even though I know it's coming, is the sheer variety of the paths our entrepreneurs take to success, thematically reflecting how our economy has evolved," says Inc. president and editor-in-chief Eric Schurenberg. "This year there are far more social media and far fewer computer hardware businesses than there were, say, six years ago. But what doesn't change is the fearsome creativity unleashed by American entrepreneurship."
OnDeck's Inc. 500|5000 listing can be found at www.inc.com/profile/ondeck.
Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the OnDeck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company's proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner's personal credit history. The OnDeck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed more than $1 billion in capital to tens of thousands of businesses across approximately 700 different industries. The company was recently named #11 on Forbes' 100 Most Promising Companies in America list and was listed on the Inc. 500/5000 for a third year in a row. OnDeck also has earned an A+ rating with the Better Business Bureau. The company is financed by some of the nation's leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures, Institutional Venture Partners and Tiger Global.