Partnership Demonstrates OnDeck's Commitment to Helping Independent Businesses Grow
TORONTO, April 27, 2017 /CNW/ - OnDeck Canada, a leading online lender to small businesses in Canada, and Lightspeed, a cloud-based point-of-sale platform for independent retailers and restaurants, have announced a partnership that will allow Lightspeed users to secure OnDeck loans. The new offering will be available to Lightspeed customers in Canada and the US providing up to $500,000 (US) term loans and $100,000 (US) lines of credit.
This strategic partnership between OnDeck and Lightspeed, who each share a focus on assisting small businesses, is a major step forward for Canadian businesses, especially those retail, restaurant, and e-commerce companies that can now acquire OnDeck financing to support their investment in the Lightspeed point of sale (POS) solution.
"We are very pleased to be partnering with Lightspeed, an innovative technology company that is enabling businesses to improve their customer experience on all channels," says Gary Fearnall, Country Manager, OnDeck Canada. "Since 2014, OnDeck Canada has been focused on providing the right operating capital solutions to allow for investments in critical initiatives such as technology and hiring, and this partnership will continue to strengthen our connection to the retail and hospitality industries."
OnDeck loans will also enable Lightspeed clients to take advantage of growth opportunities such as buying inventory, purchasing equipment, and boosting their customer experience.
"Lightspeed is laser focused on improving the competitiveness of independent businesses across North America, and for us this partnership makes perfect sense," says JP Chauvet, President of Lightspeed. "In part, it gives us the opportunity to help our clients access our Omnichannel solution which can help improve their customer experience exponentially."
Hospitality is an important sector for OnDeck Canada. In 2016 alone OnDeck Capital, Inc., the parent company of OnDeck Canada, saw an increase in loans within the Accommodation and Food Services industry.
"Among other strategic partnerships set to take shape in 2017, our work with Lightspeed and recent partnership with financial services company Wave, demonstrate our on-going commitment to the small business owners across North America and our genuine desire to see them succeed," said Gary Fearnall.
OnDeck's advanced lending technology and staunch dedication to customer service has enabled it to deliver more than $6 billion dollars in capital to over 60,000 businesses across the United States, Canada, and Australia.
Launched in 2005, Lightspeed is a cloud-based commerce solution for independent businesses, in-store and online. More than 45,000 retailers and restaurateurs processing over $15 billion in transactions annually use Lightspeed to manage their entire business.
About OnDeck Canada
OnDeck Canada is a wholly-owned subsidiary of On Deck Capital, Inc. (NYSE: ONDK), or OnDeck, the leader in US online small business lending. Since 2007, OnDeck has powered Main Street's growth through advanced lending technology and a constant dedication to customer service. OnDeck's proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry's widest range of term loans and lines of credit. To date, the company has deployed over $6 billion to more than 60,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website www.businessloans.com.
For more information, please visit www.ondeck.ca
Headquartered in Montréal, Canada, Lightspeed is the most powerful cloud-based commerce solution for independent businesses, in-store and online. More than 45,000 retailers and restaurateurs processing over $15 billion in transactions annually use Lightspeed to grow and manage their business. Founded in 2005 with offices in Canada, USA, and Europe, Lightspeed is backed by Accel Partners, iNovia Capital, Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ).
SOURCE OnDeck Canada
For further information: Media Contact: Andrea Mancini, CASACOM for OnDeck, [email protected], 416-944-2145