OnDeck launches Platform-as-a-Service subsidiary, ODX
The New York-based company announced the launch of a new subsidiary aimed to help banks serve SMEs.
Dubbed ODX, the new Platform-as-a-Service (PaaS) entity is an extension of OnDeck’s platform services and will focus entirely on helping banks digitise their small business lending efforts via a combination of software, analytic insights, and professional services.
The company says ODX is as much about helping banks reach small business clients as it is about helping small businesses interact with their bank. The new subsidiary recognises the hassle that comes with applying for a loan at a traditional bank, many of which still rely on labour-intensive, paper-based processes that take an average of 26 hours over the course of several weeks to complete. In comparison, banks leveraging ODX can offer a fully-digital application and underwriting process that provides the business with funding within 24 hours.
OnDeck CEO Noah Breslow says: “ODX is the next generation service provider for the digital lending era, delivering a bank-ready origination platform, analytic support, and implementation services that speed product and process transformation to help banks better meet the evolving needs of their customers.”
Brian Geary, who formerly served as VP of OnDeck’s bank partnership unit, has been appointed to president of ODX. The company hired Raj Kolluri, former VP of product and engineering at SS&C Primatics, as head of product and technology for ODX.
Founded in 2007, OnDeck has loaned more than $10 billion to small businesses in 700 different industries across the US, Canada and Australia since launch. The company leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions and deliver funds to small businesses in as little as 24 hours.
Earlier this year, OnDeck closed a pair of revolving credit facilities totaling $93 million.