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On Deck Announces $17 Million Expanded Series D Round


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.