Mortgage Professional Australia Magazine
15 September 2022
OnDeck, a digital non-bank lender that specialises in providing financing to small businesses, has thrived since being bought out by members of its C-suite last year.
Since then, the company has seen significant growth – loan originations were up 43% in the first six months since the buyout compared to the previous half-year.
OnDeck Australia CEO Cameron Poolman said the decision to lift the lending limit has contributed to the company’s growth. “It reflects one of the many benefits of the [managed buyout], as OnDeck is now better able to tailor lending products to the needs of Australia’s small-business community.”
One such product is the Lightning Loan – a product that allows small businesses to access up to $150,000 within two hours with just six months of bank statements. That limit was raised from $100,000 after the buyout.
“Our team is fantastic to deal with, and Lightning Loans are proving very popular among small businesses for the ease of application and rapid access to funding.” Poolman said.
Read the full article here.