OnDeck Capital

Mitch Jacobs founded OnDeck in 2006 and headquartered the company in New York City. Jacobs sought funding from venture capital companies, with early investors including First Round Capital, Khosla Ventures, Village Ventures, Contour Venture Partners, RRE Ventures, SAP Ventures (now Sapphire Ventures), Google Ventures and Tiger Global Management.

In 2007, the company introduced its short-term loan product and made its first loan, and by early 2010, the company had made over $50M in loans to small businesses in the U.S.

Jacobs left OnDeck in 2012, and Noah Breslow became the company's CEO. OnDeck completed its IPO in December 2014 and became listed on the New York Stock Exchange under the symbol ONDK, raising $230 million in the offering. In 2015, the company expanded its operations into Canada and Australia, the latter operating as OnDeck Capital Australia Pty Ltd in partnership with MYOB.

In July 2020, OnDeck was acquired by Chicago consumer lender Enova International.

Criticisms

OnDeck Capital has been criticised for its high interest rates. In 2015, its average loan had an annual 51% interest rate. In 2014, Bloomberg BusinessWeek called OnDeck "payday lending for businesses", relying on brokers who were "less-than-scrupulous."