The latest funding for On Deck Capital comes courtesy of PayPal co-founder Peter Thiel, Industry Ventures, and Google Ventures, which led the round. The announcement is the second of its kind this year for On Deck, which raised $42 million in funding from Institutional Venture Partners in February.
The company’s immediate plans for the capital are practical: building products and adding staff. But longer-term On Deck remains focused on playing a growing role in the lending requirements of the five million small businesses in the United States.
Here are a few metrics from On Deck:
- Raised $59 million in funding so far in 2013; $100 million to date
- Increased its repeat customers by 34% in 2012
- Loaned $400 million since inception
- Grew distribution partners to 300% to 1,500 nationwide in 2012
On Deck was founded in 2007, and is headquartered in New York. Their small business loans range from $5,000 to $150,000, with terms extending as long as 18 months. Businesses that have been operating for longer than one year, and have annual revenues of at least $100,000 are eligible.
On Deck was among the companies to take part in FinovateSpring 2012. See them in action here.