On Deck Capital (ONDK) Files $150 Million IPO

On Deck Capital (NYSE: ONDK) filed with the U.S. SEC for an IPO of its common stock. The proposed maximum offering price is $150 million. The ticker "ONDK" was proposed and the company plans to list on the NYSE.

The offering is being led by Morgan Stanley, BofA/Merrill Lynch, JPMorgan, Deustche Bank and Jefferies.

On Deck Capital is a leading online platform for small business lending. They are seeking to transform small business lending by making it efficient and convenient for small businesses to access capital. Enabled by its proprietary technology and analytics, they aggregate and analyze thousands of data points from dynamic, disparate data sources to assess the creditworthiness of small businesses rapidly and accurately. Small businesses can apply for a term loan or line of credit on the company's website in minutes and, using its proprietary OnDeck Score, they can make a funding decision immediately and transfer funds as fast as the same day. They have originated more than $1.7 billion in loans and collected more than 4.4 million customer payments since they made their first loan in 2007. Loan originations have increased at a compound annual growth rate of 127% from 2011 to 2013 and had a year-over-year growth rate of 171% for the nine months ended September 30, 2014.

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