On Deck Capital, a New York, NY-based provider of small business financing solutions, received a $35m investment “from a large New York-based investment group”.
This addition brings the company’s lending system capacity to over $100m.
Launched in 2006, On Deck Capital’s system evaluates businesses based on electronically aggregated banking, accounting and customer data, and uses electronic payment technology to offer fast financing to small businesses underserved by banks.
The company, which is backed by some venture capital firms, including Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures, has announced that over $50m of loans have now been made to more than 2,000 small businesses.
On Deck Capital has supported businesses, typically with annual revenue from $300,000 to $2,000,000 from a variety of key industry sectors, including: retail, light manufacturing, salons and spas, doctors’ offices, auto and restaurants.