OnDeck is a technology-enabled small business lender that can evaluate, approve and fund small business loans as fast as the same day.
As part of the agreement, MYOB will provide valuable local expertise and make the OnDeck solution available to its approximately one million business users across Australia.
The new enterprise builds on current cloud momentum and continues MYOBs expansion of innovative offerings for Australian SMEs. When combined with payroll, payments via MYOB PayDirect, and now small business lending via OnDeck Australia, MYOB is continuing to deliver innovative, cloud-enabled features solving critical, everyday challenges that extend beyond core financial accounting.
“In 2014, MYOB was first to market with MYOB PayDirect; this year we’ve been first to market on MYOB Smartbills and now with OnDeck Australia, we are first to market in the provision of lending to SMEs. This means we will be able to offer easier access to critical funding for capital expansion or working capital.” said MYOB CEO, Tim Reed.
“This is all part of MYOB’s Australia-New Zealand focused strategy. By providing customised solutions for the local market we can deliver a suite of functionality that delivers on our promise to make clients and partners’ business lives easier. We want to continue helping small businesses pay their employees; get paid by their customers and now, obtain critical funding to grow their business. ” he continued.
OnDeck CEO, Noah Breslow said “Australia will be our first market outside of North America and we are partnering with MYOB because they share our vision of making business life easier for SMEs. Added to this is their well - earned reputation as a leading business solutions provider with a focus on, and deep relationship with, ANZ customers and a culture and track record of innovation.”
The service will be available to SMEs within Australia in the latter part of 2015.
Contact: Steven Reilly, Senior Account Director, Ogilvy Public Relations
P: +61(2) 8437 5311 / M: +61(4) 3171 1470 - E: steven[.]ogilvy.com.au.
Established in 1991, MYOB (myob.com.au) is Australia’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory, mobile payments and more. MYOB also provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than AU$35 million annually on research and development.
OnDeck (ondeck.com), a leading platform for small business loans, is committed to increasing Main Street's access to capital. OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on personal credit. The OnDeck Score®, the company's proprietary small business credit scoring system, evaluates thousands of data points to deliver a credit decision rapidly and accurately. Small businesses can apply for a line of credit or term loan online in minutes, get a decision immediately and receive funds in as fast as the same day. OnDeck also partners with small business service providers, enabling them to connect their customers to OnDeck financing. OnDeck's diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitisation and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.
Since 2007, OnDeck has deployed more than $2 billion (USD) to more than 700 different industries in all 50 U.S. states, and also makes small business loans in Canada. The company has an A+ rating with the Better Business Bureau and operates the website BusinessLoans.com which provides credit education and information about small business financing. On December 17, 2014, OnDeck started trading on the New York Stock Exchange under the ticker ONDK.