OnDeck, the NYC-based technology-powered main street lender, raised $77m in a growth round.
The investment was led by Tiger Global Management with participation from existing investors Institutional Venture Partners, RRE Ventures, SAP Ventures, Google Ventures, First Round Capital, Industry Ventures and Peter Thiel.
The company, which has now raised a total of $180 million in equity and over $300 million in debt financing, will use the funds for new product development, geographic expansion, as well as marketing and hiring efforts.
Founded in 2007 and led by Noah Breslow, chief executive officer, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses (focusing on overall business performance, rather than the owner’s personal credit history) and deliver capital to a market underserved usually by banks.
The company 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.
To date, it has deployed nearly $1 billion in capital to tens of thousands of businesses across 725 different industries.