OnDeck launches new subsidiary to partner with banks [Reuters (UK)]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
OnDeck launches new subsidiary to partner with banks | Reuters 2 Min Read NEW YORK (Reuters) - OnDeck Capital Inc has set up a subsidiary that will provide technology and other services to banks looking to lend to small businesses online, it said on Tuesday. Called ODX, the new company will expand OnDeck’s existing business of providing online lending software to banks, such as JPMorgan Chase & Co, the company said. ODX plans to announce a new bank partnership imminently and has a pipeline of other potential bank partners across the world, the company said. It believes ODX will make it faster and easier for banks to digitize their lending to small businesses. “We felt that given the robust demand we are seeing by the largest banks, it is not a question of if they are moving into online lending, but of when,” Noah Breslow, chief executive of OnDeck, said in an interview. “We thought that by creating ODX, we would set ourselves to take advantage of that opportunity.” New York-based OnDe
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