Prosper Marketplace And OnDeck Announce Strategic Partnership
NEW YORK, April 14, 2015 — Prosper Marketplace, which operates the largest privately held online marketplace for credit, and On Deck Capital, Inc. (NYSE:ONDK), a leading platform for small business loans, today jointly announced a strategic partnership aimed at helping both people and businesses find the loan that best meets their needs. The partnership between these two financial technology leaders committed to transforming traditional lending comes during LendIt, the largest conference series dedicated to connecting the global online lending community, taking place April 13th through 15th in New York City.
Under the partnership, Prosper Marketplace and OnDeck will develop new solutions to address their customers’ needs that expand upon their current referral arrangement. Prosper, which through its platform offers consumers access to fixed-rate, fixed-term personal loans between $2,000 and $35,000, and OnDeck, which offers small businesses loans between $5,000 and $250,000 as well as business lines of credit, will be close integrated partners in the peer-to-peer space.
“This partnership gives Prosper Marketplace’s customers access to more options for credit now and creates a great platform for the future,” said Aaron Vermut, CEO, Prosper Marketplace. “Prosper Marketplace is focused on delivering access to a consumer-friendly personal loan product that offers people fair, competitive rates. We are excited to work with an industry leader like OnDeck to help our customers that are looking for loans for their small businesses.”
“OnDeck is 100% focused on helping small businesses meet their capital needs,” said Noah Breslow, CEO, OnDeck. “Our partnership with Prosper Marketplace, a likeminded technology innovator, will enable us to offer more small businesses a seamless experience to meet their financing needs.”
Prosper recently crossed $3 billion in personal loan originations through its platform, and has grown more than 350% over the past year as online marketplaces for credit gain mainstream awareness and acceptance. The Prosper platform offers consumers access to loans based on their personal credit for the purpose of debt consolidation, large purchases, medical expenses and their business.
OnDeck has loaned over $2 billion to small businesses across 700 industries in all 50 U.S. states and Canada. The company’s proprietary small business credit scoring system, the OnDeck Score®,evaluates thousands of data points to deliver a fast and accurate credit decision. Restaurants, medical professionals and retailers, among other small businesses, choose OnDeck for its convenience, speed and direct access to growth and working capital.
Prosper Funding LLC (“Prosper”), headquartered in San Francisco, owns a leading online marketplace for consumer credit. Prosper connects people who want to borrow money with people who want to invest money. With a commitment to providing world-class customer service, the convenience of applying online day or night, and none of the lengthy applications or wait times associated with traditional avenues, Prosper offers people a superior way to borrow money at fair rates. Over the past six years, more than $3 billion in personal loans have originated through the Prosper platform, helping people around the U.S. consolidate credit card debt and pay for everything from medical procedures to home improvement to special occasions. Learn more about borrowing and investing through Prosper at www.prosper.comand follow us on Twitter @ProsperLoans. Prosper Marketplace, Inc. was founded in 2005, and is the parent company of Prosper Funding LLC.
OnDeck (NYSE: ONDK), 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, securitization 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 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 small business 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.