OnDeck announced that it has received funding commitments for credit facilities totaling over $130 million, with participation from Deutsche Bank, Key Bank and Square 1 Bank. OnDeck's management team has now raised nearly $300 million in equity and debt financing in the last 12 months alone from prominent firms including Google Ventures, Institutional Venture Partners, and a $100 million lending syndicate led by Goldman Sachs in 2012. The new credit facilities enable OnDeck to deploy more funding and develop more flexible financing options to meet the rapidly expanding demand small businesses have for working capital.

OnDeck pioneered the short-term working capital loan with daily ACH repayment six years ago, disrupting the merchant cash advance industry and spawning many industry followers. The company's advanced technology platform provides a fast and convenient way for small businesses across America to secure the financing they need to grow. OnDeck leverages big data to more efficiently and accurately determine the creditworthiness of a small business, enabling more approvals than models that rely solely on personal credit scores. To date, OnDeck has deployed over $600 million in capital to tens of thousands of businesses nationwide, across 700 different industries.

"Our technology is solving America's number one small business challenge: access to capital. These credit facilities allow us to broaden our reach to more businesses seeking financing," said Noah Breslow, chief executive officer, OnDeck. "Our ability to deliver a fast and simple funding solution to the millions of small businesses nationwide, including approval within hours and funding the same day, has solidified OnDeck's leadership position."

The company's industry innovations and rapid growth attracted the nation's leading banks. The current financing round, driven by OnDeck's advanced credit models and strong portfolio performance, has resulted in substantially improved financing terms from prior facilities.

"KeyBank is excited to partner with OnDeck, a leader in technology powered small business lending," said Rian Emmett, managing director, Lender Finance, Key Equipment Finance. "We're impressed by how effectively OnDeck deploys capital and their commitment to small business owners--it was a natural fit for our structured finance platform."

"OnDeck continues to revolutionize the way small businesses access capital," stated Richard Suhl, senior vice president, Asset Based Lending, Square 1 Bank. "We're pleased to partner with a company that shares our mission of supporting entrepreneurs and the small business community, and we look forward to supporting the company's growth as it evolves and expands its service offerings."

Howard Katzenberg, chief financial officer, OnDeck, added, "We are pleased to have worked with esteemed banks such as Deutsche Bank, Key Bank and Square 1 Bank on this new financing. It's a key accomplishment for the company, one that underscores OnDeck's proven solution to helping Main Street thrive."