US-based small business loans company On Deck Capital has raised $97m of debt after extending its $15m series C equity round by $4m a year ago.
US-based investment firm SF Capital Group provided the $4m C round extension and, along with Lighthouse Capital Partners, has provided $17m in venture debt to On Deck.
The other $80m is a credit facility jointly led by investment bank Goldman Sachs and hedge fund Fortress Credit Corporation.
On Deck said it had more than $100m of loan volume in the past 10 months and said its own debt raising would help it increase lending capacity.
Launched in 2006, One Deck provides loans to small businesses, using data aggregation to evaluate their overall business performance, and investing accordingly.
Noah Breslow, chief executive of On Deck, said: “The company’s innovative technology and its disruption of traditional credit evaluation models are reshaping the lending landscape.”
On Deck’s initial close of its C round in January last year was led by SAP Ventures, the corporate venturing unit of Germany-based software conglomerate SAP.
Other backers of On Deck are venture capital firms RRE Ventures Contour Ventures, First Round Capital, Khosla Ventures and Village Ventures, all of whom had participated in On Deck’s series A and B rounds. The company has raised $38m venture funding in total, a spokesman said.