OnDeck’s Streak of Profitable Quarters Comes to an End

OnDeck lost $59mn in Q1 2020 as their streak of seven straight quarters of profitability came to an end; the company has seen loans in some stage of delinquency rise from 11 percent at the end of 2019 to 45 percent by the end of April; 40 percent of those delinquent have made at least a partial payment within the last seven days; OnDeck expects to cut originations by 80 percent in Q2 and has stopped originations all together to certain industries; “Internally, our top focus is liquidity and capital preservation,” OnDeck CEO Noah Breslow said to American Banker. American Banker