OnDeck launches in Australia
(3 December 2015 – Australia) OnDeck Capital, one of the largest players in the online business lending market in the US has launched its Australian operations.
OnDeck Australia chief Cameron Poolman has told Fairfax that a there is a large appetite for lending from business owners who cannot offer up a house as collateral.
According to the lender, its loans have contributed to the creation of some 73,000 jobs in the US since it launched just before the global financial crisis in 2007. Its local office has 15 staff with plans to increase its sales team, and total headcount to around 40 by the end of 2016.
MYOB, the accounting software provider controls 30 percent of the lender, with its access to 1.2 million small-businesses customers being essential to OnDeck expansion plans.
The online lender’s initial offerings include loans of $10,000 to $150,000, from six to 24 months.
Poolman has indicated that OnDeck Australia wants to emulate its US parent and offer a full range of business lending options.
"There is a great opportunity here. Everyone knows, I think, where business lending is headed but we are still building awareness and trust," he told Fairfax.
The firm has plenty of competition in the market, with first mover and Westpac partner Prospa dominating, and the likes of Moula and German based Spotcap all vying for the same pool of customers.
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