Finovate Alumni News

Around the web

  • Digital Finance Institute features Ethoca, Financeit, Flybits, Horizn, On Deck Canada, Salt Edge, Sensibill, and TickSmith in its look at the top fintech companies in Canada in 2019.
  • AdviceRobo launches new pan-European PSD2 categorization and default prediction API for lenders, CatRobo.
  • Thomson Reuters purchases regtech collaboration platform, HighQ.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • HSBC Creates Private Banking Portal with Finantix
  • Trulioo Can Now Verify Customers in 4 New Countries
  • AI Foundry Adds Mortgage Document Modeling to its Automation Platform
  • HiddenLevers and First Rate to Improve Risk Analytics for Wealth Managers
  • DemystData Signs Two Year Agreement with Kyckr
  • YSEOP Garners $9.3 Million in New Funding Round

Around the web

  • Xceptor appoints former GBST exec as new COO.
  • eToro has launched a portfolio of firms involved in Facebook’s new digital currency Libra.
  • Jumio to power digital identity for Brazil-based BTG Pactual.
  • Settle launches its mobile payments app in Croatia.
  • Worldpay and the University of Cincinnati partner to fill business talent shortfall.
  • Coast Capital Savings teams with OnDeck to offer small business members financing options.
  • Scooter fleet company Spin joins Passport’s micro-mobility pilot program.
  • First Rate and HiddenLevers partner to provide risk analytics and business intelligence to the wealth management industry.
  • BeSmartee announces direct integration with private mortgage insurance provider Arch MI.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

OnDeck Acquires Evolocity

Alternative small business lending platform OnDeck finalized its purchase of Canada-based small business lender Evolocity Financial Group. Financial terms of the deal were not disclosed.

“The closing of this transaction signals a new era of online lending innovation on behalf of Canada’s small businesses,” said Noah Breslow, CEO of OnDeck. “As one of Canada’s leading online lenders to the crucial small business sector, we are well-positioned to provide financing options that will benefit Canadian small business owners from coast to coast.”

Evolocity brings expertise in Canadian underwriting practices, as well as local business relationships and knowledge to the table. Combined with OnDeck’s marketing and international online lending experience, the two businesses will offer small businesses across Canada access to working capital finance solutions.

The combined companies will operate under the name and branding of OnDeck Canada, with Evolocity CEO Neil Wechsler serving as CEO of OnDeck Canada. Evolocity co-founders David Souaid and Harley Greenspoon will serve as chief revenue officer and chief operating officer, respectively.

OnDeck was founded in 2007 and has loaned more than $10 billion to small businesses in 700 different industries across the United States, Canada, and Australia since launch. The company leverages its OnDeck Score to underwrite loans and deliver funds to small businesses in as little as 24 hours.

OnDeck most recently demoed at FinovateSpring 2012. The publicly traded company is listed on the New York Stock Exchange under the ticker ONDK and has a market capitalization of $418 million.

Finovate Alumni News

On Finovate.com

  • TradeIt To Be Acquired by TradingView.
  • Fintech’s Newest Unicorn Bill.com Raises $88 Million in New Funding.

Around the web

  • BehavioSec listed among Enterprise Management Associates’ Top 3 Report Ten Priorities for Enabling Identity Management in 2019.
  • Zions Bancorporation selects D3 Banking’s Digital Banking Platform.
  • Commonwealth Bank & Trust selects Jack Henry to improve efficiency, attract business with modern services.
  • CoverHound to open an East Coast office in Charlotte.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Personal Capital Raises $50 Million in Round Led by IGM Financial.

Around the web

  • OnDeck secures $85 million credit facility.
  • Central 1 integrates with SecureKey to offer the firm’s single sign-on authentication services to its members.
  • Consumer goods giant Unilever partners with Optimove to enhance its marketing operations.
  • Technology Association of Georgia names DefenseStorm a Top 40 Innovative Technology Company.
  • Ripple announces new partners in its global University Blockchain Research Initiative (UBRI).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

OnDeck Expands to Equipment Financing

Online SME lender OnDeck is entering the equipment financing business, the company announced this week. The move will enable OnDeck to take advantage of the small ticket (less than $250,000) equipment loan and leasing financing market, a market that saw $35 billion in small ticket equipment loan financing originated in the U.S. in 2017 alone.

“With more than a decade of success and over $10 billion funded to small businesses online, we believe OnDeck’s technology is primed to revolutionize how small businesses finance their equipment needs,” OnDeck CEO and chairman Noah Breslow said. “We expect OnDeck equipment finance loans to quickly become a vital source of online financing for small business owners seeking simple, transparent equipment financing they can understand and utilize.”

The company noted in a press release that the new offering builds on an existing pilot referral program OnDeck launched this summer. The program involved OnDeck referring SMEs looking for equipment financing to a third party lender to originate and service the loans. OnDeck plans to begin its own direct equipment financing next year, offering SMEs from $5,000 to $100,000 for equipment finance loans, with terms ranging from 24 to 60 months.

“I look forward to working with the team to leverage OnDeck’s online originations and underwriting technology to deliver speed and convenience for small business owners seeking equipment finance loans,” OnDeck Equipment Finance VP Mark Erickson said. “With speed, service, and transparency, we are poised to transform this market to the benefit of small businesses.”

Founded in 2007 and based in New York, OnDeck is the largest online small business lender in the U.S., with more than $8 billion in SME loans issued. The company serves more than 700 industries through the U.S., providing financing to more than 80,000 small businesses.

OnDeck participated in our developers conference, FinDEVr New York 2016, discussing some of the trends influencing small business lending. In addition to being a veteran of our developers conferences, the company demonstrated its OnDeck Connect solution at FinovateSpring 2012.

OnDeck trades on the New York Stock Exchange under the ticker “ONDK,” and has a market capitalization of $470 million.

Finovate Alumni News

On Finovate.com

  • OnDeck Expands to Equipment Financing.

Around the web

  • Australia’s Volt Bank goes live with Temenos digital banking platform.
  • Finastra taps Eric Duffaut as President and Global Head of Operations.
  • BlueRush reports record level of business activity in its fiscal 2019 Q1 report.
  • Sezzle earns a spot on American Inno’s list of the Top Minnesota Startups Fundings of 2018.
  • Coinbase adds four Ethereum tokens – Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) to its Coinbase Pro platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • CardFlight Aligns with Payscape to Expand Merchant Base.

Around the web

  • PaySimple announces latest payment integration with MarketSharp’s CRM software.
  • Equifax selects Experian to provide customers free credit monitoring through its TrustedID Premier service.
  • QuotePro and Fiserv partner to speed credit for cash payments at self-service kiosks.
  • Singapore-based WeInvest expands to UAE.
  • PYMNTS: OnDeck loan origination volume increased double digits YoY and sequentially, the volume up 22% from the 2017 third quarter
  • Mitek appoints Max Carnecchia as CEO.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

OnDeck Partners with PNC Bank to Streamline SME Financing

Starting in 2019, PNC Bank will offer digital business lines of credit up to $100,000 within one to three business days. This expansion of its current online lending business comes courtesy of a partnership with OnDeck, whose OnDeck Platform-as-a-Service (ODX) solution – launched earlier this month – will simplify and speed up the loan origination process for PNC Bank’s SME customers.

“Small and medium-sized business owners are continually searching for simpler, easier and quicker means to apply for and receive funding and to that end, PNC is investing in this new avenue to find solutions that work for them,” Head of Retail Lending at PNC Bank Lakhbir Lamba said. “Our relationship with OnDeck is PNC’s first opportunity to leverage the services of a fintech company in a platform-as-a-service model that will make it easier for businesses to borrow from us in order to support their growth.”

PNC Bank, National Association, is a member of The PNC Financial Services Group, one of the largest diversified financial services institutions in the U.S. PNC Bank has more than eight million retail and small business customers who use its deposit, lending, credit card, cash management, and investment services. With branches and ATMs in 19 states plus the District of Columbia, PNC Bank provides a variety of asset management and corporate/institutional banking services, and is a minority owner in investment management firm, BlackRock.

Headquartered in Pittsburgh, Pennsylvania, and founded more than 160 years ago, PNC Bank has $293 billion of assets under administration.

Since inception in 2006, OnDeck has delivered more than $10 billion in loans to small business borrowers in 700 different industries throughout the U.S., Canada, and Australia. The company leverages its advanced technology and underwriting platform to help SMEs get the “responsibly-priced and right-sized” short-term financing they need to grow. OnDeck estimates that its support of small businesses has helped create 74,000 jobs across the U.S. And via its newly-launched subsidiary, ODX, OnDeck offers banks a new way to better service their SME customers and encourage even more economic activity

“ODX is the next generation service provider for the digital lending era,” OnDeck chairman and CEO Noah Breslow said earlier this month when ODX launched. He added, “(ODX offers) a bank-ready origination platform, analytic support, and implementation services that speed product and process transformation to help banks better meet the evolving needs of their customers.”

One of Finovate’s earliest alums, OnDeck most recently participated in our developers conference, FinDEVr New York 2016. At the event, OnDeck SVP for Technology Pamela Rice discussed how the company’s engineering team and engineering-driven culture were “key differentiators” in OnDeck’s ability to innovate.

This summer, OnDeck announced closing two revolving credit facilities totaling $93 million to help fund small businesses in both Australia and Canada. This spring, the company appointed Kenneth Brause as its new CFO, replacing long-time financial chief Howard Katzenberg. Brause was previously EVP and treasurer at CIT Group.

OnDeck is a publicly-traded company on the New York Stock Exchange under the ticker symbol “ONDK.” The company has a market capitalization of $500 million. Noah Breslow is CEO.