On Deck, a NYC-based technology-powered business lender, raised $17m in Series D funding.
This investment, which brings the total amount raised in Series D by the company to $59m, was led by Google Ventures, with participation from PayPal co-founder Peter Thiel and Industry Ventures.
In February 2013, On Deck had announced its $42M Series D round (read here) led by Institutional Venture Partners, with participation from RRE Ventures, SAP Ventures and First Round Capital.
The company intends to use the funds to continue to advance its solution by hiring new people (read here), and developing new products.
Led by Noah Breslow, CEO, On Deck leverages data aggregation generated by digital sources such as merchant processing, online banking and social networks and electronic payment technology to evaluate the financial health of SMEs and deliver loans. The system also provides a mechanism for financial institutions and other business service providers to reach the Main Street small business market.
The typical customer is a “Main Street” business (e.g. retailer, restaurant, salon, dentist, florist, etc.) that has been in business more than one year with revenue between $100k and $5m.