About
OnDeck was a pioneering online small business lender acquired by Enova (NYSE: ENVA) for ~$122M in 2020. Raised $394M from First Round, Khosla, Tiger Global, Goldman Sachs, Peter Thiel. IPO'd 2014. Provided $14B+ loans across 700 industries in US, Canada, Australia. Post-acquisition portfolio generated $200M+ cash. Now over 50% of Enova's portfolio. Founded 2006 in NYC by Mitch Jacobs.
Key Facts
- [1]Founded: Founded in 2006 in New York, United States.
- [2]Funding: Total funding: $394M. Last round: Oct 2020. Stage: Growth.
- [3]Employees: Employee count: 201-500.
- [4]Acquisition: Acquired by Enova.
- [5]Company Type: Acquired company.
- [6]Website: Official website: ondeck.com.
- [7]AI Technology: Core AI/ML technologies: Predictive ML.
- [8]Region: Region: Americas (United States).
Founder
Mitch Jacobs
Founder & CEO
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Tech Stack Layers
Details
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Frequently Asked Questions
What is OnDeck (Enova)?
OnDeck was a pioneering online small business lender acquired by Enova (NYSE: ENVA) for ~$122M in 2020. Raised $394M from First Round, Khosla, Tiger Global, Goldman Sachs, Peter Thiel. IPO'd 2014. Provided $14B+ loans across 700 industries in US, Canada, Australia. Post-acquisition portfolio generated $200M+ cash. Now over 50% of Enova's portfolio. Founded 2006 in NYC by Mitch Jacobs. OnDeck (Enova) is classified in the Lending & Credit segment at the Applications layer of the financial AI stack.
Who founded OnDeck (Enova)?
OnDeck (Enova) was founded by Mitch Jacobs (Founder & CEO) in 2006 in New York, United States. The company has been operating for 20 years. The company was acquired by Enova.
How much funding has OnDeck (Enova) raised?
OnDeck (Enova) has raised $394M in total funding, placing the company at the Growth stage. The most recent round closed in Oct 2020. Among 81 funded Lending & Credit companies, OnDeck (Enova) ranks #24 by total capital raised. (Source: AIFI Map directory.)
What AI technology does OnDeck (Enova) use?
OnDeck (Enova) primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Lending & Credit segment, 58 companies use this technology.
What market segment does OnDeck (Enova) operate in?
OnDeck (Enova) operates in the Lending & Credit market segment. AI lending and credit companies are reimagining how creditworthiness is assessed, loans are originated, and debt is managed across consumer, small business, and commercial markets.
Where is OnDeck (Enova) headquartered?
OnDeck (Enova) is headquartered in New York, United States. The company operates in the Americas region. The team consists of 201-500 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are OnDeck (Enova)'s competitors?
Companies similar to OnDeck (Enova) in the Lending & Credit space include Unit21 ($92M raised), Upstart ($160M raised), Zest AI ($357M raised), Pagaya ($75M raised), Scienaptic AI ($17M raised). These companies operate in related areas of financial AI: Unit21 focuses on ai-powered fraud and aml platform. Upstart focuses on ai lending platform using alternative data for credit decisions. Zest AI focuses on ai-automated underwriting for credit unions and banks. (Based on AIFI Map classification data.)
What products does OnDeck (Enova) offer?
OnDeck (Enova) builds applications-layer solutions for the financial services industry. The company's core offering: AI small business lending. The platform is powered by Predictive ML technology.
Is OnDeck (Enova) publicly traded?
OnDeck (Enova) is no longer independently traded. The company was acquired by Enova. Prior to the acquisition, OnDeck (Enova) had raised $394M in venture funding.