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OnDeck Announces Lending Technology Subsidiary

OnDeck has split their OnDeck-as-a-Service offering into a new company.

October 16, 2018 By Ryan Lichtenwald 2 Comments

Views: 423

OnDeck has been powering JPMorgan small business loans through their OnDeck-as-a-Service offering since late 2015. OnDeck has been keeping details of the partnership close, but their CEO Noah Breslow has hinted that they would be announcing a new bank partner soon. Preempting that announcement, the company announced today the launch of a new subsidiary that will pursue these partnerships.

The wholly owned subsidiary called ODX is currently hiring and some OnDeck employees have moved over to support the new venture. In an American Banker article covering the news, Breslow stated, “This is about signaling our commitment to the market, and really scaling up.”

Brian Geary, who was vice president of OnDeck’s partnership program will be president of ODX. What’s interesting is that while the initial focus will be powering online small business lending, the firm may expand into other asset classes according to Geary.

Just a few weeks ago, we wrote about Avant’s rebrand of “Powered by Avant” to a new name, Amount. Amount has similar goals on the personal loan side while Avant will still offer loans themselves, just like OnDeck.

Both companies previously worked with bank partners, but these moves show a renewed focus on this aspect of their business. Perhaps this is a sign of the times of banks warming up the idea of partnering with fintechs to power their lending programs.

Below a quick video of Brian Geary and Noah Breslow introducing the new platform as a service company. You can learn more by checking out https://www.odxsolutions.com/

Filed Under: Peer to Peer Lending Tagged With: bank partnership, JPMorgan Chase, OnDeck

Views: 423

Trackbacks

  1. OnDeck Announces PNC Will Be The Second Bank On The ODX Platform - Lend Academy says:
    October 22, 2018 at 5:46 am

    […] caught up with Noah and Brian Geary, who heads up OnDeck’s new ODX division (we covered the story of ODX just last week) to talk about this new […]

    Reply
  2. Roundup of Q3 2018 Earnings: GreenSky, OnDeck, LendingClub - Lend Academy says:
    November 6, 2018 at 5:48 pm

    […] earnings release, OnDeck announced significant news over the last couple of weeks. First was the announcement of their technology subsidiary called ODX, the platform that would house their lending-as-a-service offering previously called […]

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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