Alternative lending to US SMEs is becoming big business for OnDeck, a US-based business that offers loans from 3 to 24 months and $5,000 to $250,000 with approvals in minutes and funding in as fast as 24 hours.
The company has recently raised $77m in a series E deal worth $77m. Tiger Global Management led the deal and was joined by existing investors Institutional Venture Partners, RRE Ventures, SAP Ventures, Google Ventures, First Round Capital, Industry Ventures and Peter Thiel. OnDeck has raised a total of $180m in equity and over $300m in debt financing. Debt financing was led by Goldman, Deutsche and Key Bank.
The company also announced it will hit the $1bn mark in total capital deployed to customers later this month.