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.

Finovate Alumni News

On Finovate.com

  • OnDeck Partners with PNC Bank to Streamline SME Financing.
  • Yoyo Lands $30 Million Partnership Agreement.

Around the web

  • Ping Identity makes YubiKey experience packs available for PingID customers
  • Emailage launches RapidRisk Score fraud detection solution for risk analysis.
  • Tinkoff Bank launches Tinkoff Mortgage mobile application for its mortgage customers and partners.

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 Launches Subsidiary to Help Banks with Small Business Lending

Online small business lending platform OnDeck has always served as an alternative to traditional banks. This week, however, the company has made a new move to further its bank-fintech ties. The New York-based company announced the launch of a new subsidiary aimed to help banks serve small businesses.

Dubbed ODX, the new platform-as-a-service entity is an extension of OnDeck’s platform services and will focus entirely on helping banks digitize their small business lending efforts via a combination of software, analytic insights, and professional services.

ODX is as much about helping banks reach small business clients as it is about helping small businesses interact with their bank. The new subsidiary recognizes the hassle that comes with applying for a loan at a traditional bank, many of which still rely on labor-intensive, paper-based processes that take an average of 26 hours over the course of several weeks to complete. In comparison, banks leveraging ODX can offer a fully-digital application and underwriting process that provides the business with funding within 24 hours.

In a statement, OnDeck CEO Noah Breslow said, “ODX is the next generation service provider for the digital lending era, delivering 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.”

Brian Geary, who formerly served as VP of OnDeck’s bank partnership unit, has been appointed to president of ODX. The company hired on Raj Kolluri, former VP of  Product & Engineering at SS&C Primatics, as head of product and technology for ODX.

Founded in 2007, OnDeck has loaned more than $10 billion to small businesses in 700 different industries across the United States, Canada, and Australia since launch. The company, which demoed at FinovateSpring 2012,  leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions and deliver funds to small businesses in as little as 24 hours. Earlier this year, OnDeck closed a pair of revolving credit facilities totaling $93 million.

Finovate Alumni News

On Finovate.com

  • OnDeck Launches Subsidiary to Help Banks with Small Business Lending.

Around the web

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • YellowDog shortlisted for Tech Company of the Year honors at the 2018 U.K. Business Tech Awards.
  • Bluefin teams up with data security tokenization vendor, TokenEx, to boost payment security.
  • Finicity selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor.
  • Zenmonics earns a spot in the 2018 IDC FinTech Rankings.
  • FinTech Global recognizes Insuritas as a 2018 InsurTech100 Company.
  • Lendio announces facilitating $1 billion in financing to more than 51,000 U.S. SMEs since inception in 2011.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Blockchain innovator identitii to list on the Australian Securities Exchange this week with anticipated market capitalization of $41 million.
  • Atlanta Business Chronicle interviews Kabbage’s Kathryn Petralia, highlighting her as a 2018 Women Who Mean Business honoree.
  • Sara Berg appointed Chief Operating Officer of Trustly.
  • Expensify launches training and certification program for accountants.
  • Ping Identity launches new Quickstart Private Sandbox for Open Banking and PSD2
  • Openfinance signs data partnership with Refinitiv.
  • Trustly partners with Ingenico for online banking payments.
  • Moneynetint partners with Ripple to leverage instant payment rails.
  • Coinbase expands with new Dublin office.
  • Native American Bank selects Jack Henry’s SilverLake system.

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

  • Dynamics’ Battery-Powered Cards Hit Japan.
  • Q2 to Acquire Cloud Lending Solutions.
  • Onfido Helps TransferGo Onboard New Users Faster.

Around the web

  • OnDeck reports record net income for second quarter, credits asset growth and margin expansion.
  • Outsystems announces record-breaking quarter across all key business metrics, including a 63% gain in annual recurring revenue for Q2.
  • Varo Money to deploy Temenos’ T24 core banking system.
  • Ondot partners with PSCU, the premier payments credit union service organization to provide its card alerts and controls technology.
  • Tuition.io partners with Carhartt to help employees pay down student debt.
  • App Annie selected for JMP’s Hot 100 Best Privately Held Software Companies of 2018.

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 Scores $93 Million in Two Credit Facilities

Online small business lender OnDeck closed a pair of revolving credit facilities this week. The $93 million in asset-backed funds come from Credit Suisse, which contributed $55 million (AUD 75 million) to go to small businesses in Australia, and Crédit Agricole, which contributed $38 million (CAD50 million) for small business loans to Canadians.

“Securing cost-effective facilities that provide committed funding to support the loan growth of our international businesses reflects another step forward in the execution of our financing strategy,” said Ken Brause, Chief Financial Officer at OnDeck. “These two transactions provide additional capacity to support small businesses in Australia and Canada and help them to achieve their goals.”

OnDeck will use the Credit Suisse facility to refinance its loan book at a lower rate and to fund future small business loan originations. OnDeck will service the loans, which it will extend to OnDeck Australia and OnDeck Canada subsidiaries. The funds are expected to promote small business growth in Australia and Canada by burgeoning the amount of working capital available.

Both loans carry an initial weighted average interest rate of 5.6%. The Credit Suisse loan will mature in June 2020 while Crédit Agricole’s matures in June 2021. These credit facilities make a total of four funding events that the New York-based company has received this year, following a $100 million revolving credit facility and a $225 million securitization, both received in April.

Founded in 2007, OnDeck leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions and deliver funds to small businesses in as little as 24 hours. Since launch, the company has deployed $8+ billion to customers in 700 different industries across the United States, Canada, and Australia. OnDeck demoed at FinovateSpring 2012 and gave a presentation at our developers conference, FinDEVr New York 2016.

Finovate Alumni News

On Finovate.com

  • OnDeck Scores $93 Million in Two Credit Facilities.
  • P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded.
  • The ID Co. Unveils Open Banking API Platform.

Around the web

  • Carte Wealth Management to deploy advisor engagement platform powered by BlueRush.
  • CREALOGIX wins Best Web Front End Solution at the 2018 Systems in the City Awards for fintech in banking and wealth management.
  • Technology from Cognizant and Temenos helps Julius Baer complete core banking modernization.
  • Coinbase correction: No SEC approval received for acquisitions.
  • BehavioSec’s behavioral biometrics platform fulfills critical requirements achieving Payment Services Directive 2 (PSD2) compliance.
  • Roostify partners with Colonial National Mortgage to provide customers with a simple and intuitive online mortgage experience.

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

Around the web

  • Neener Analytics completes a Proof-of-Concept with one of the largest credit card issuers in Mexico
  • NetGuardians partners with valantic to take on the German market
  • Study Loans leverages Cloud Lending Solutions for Student Lending Offering.
  • Celent recognizes Fidor for its customer experience as a pioneer in the use of open APIs in banking.
  • Jack Henry & Associates partners with Autobooks to deliver enhanced small business banking functionality.
  • OnDeck delivers 8% sequential loan growth, announces Q1 gross revenue of $90 million.
  • PaySimple announces real-time data integration with QuickBooks Online.

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

  • SecuredTouch Receives $8 Million Strategic Investment from Arvato Financial Solutions.
  • Unison Sees 1,000% YoY Growth in Originations.

Around the web

  • IdentityMind Global partners with Etherparty Smart Contracts to provide KYC and AML compliance support. See IdentityMind Global at FinovateSpring next month.
  • Intesa Sanpaolo Private Banking Suisse to deploy Business Process as a Service (BPaaS) solution from Avaloq.
  • Finastra goes live with its blockchain-based syndicated lending market solution, Fusion LenderComm.
  • Forbes interviews Andrea Gellert, CMO of OnDeck.
  • Ebay And PayPal finalize new payments agreement.
  • Listrak and Persado announce strategic integration.
  • Q2 and StoneCastle partner with MoneyLion to offer deposit accounts and debit cards.
  • EverTrust Bank hires Insuritas to launch digitally powered insurance agency.
  • Backbase powering SSF Bank’s new mobile banking application.

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.