OnDeck

Office address: L11, 130 Pitt St, Sydney, NSW 2000
Website: www.ondeck.com.au
Year established: 2015
Company type: financial services
Employees: 61
Expertise: small business lending, specialised financing, small business credit score, lightning loans, loan eligibility, broker partnerships, small business blog
Parent company: OnDeck Capital
CEO and key people: Cameron Poolman, CEO
Financing status: corporate backed or acquired

OnDeck is a financial solutions company that offers tailored lending services to small businesses, providing them with proper capital to grow their business. The company uses a unique credit scoring technology called Koala Score™ to assess the business’ performance and other factors.

OnDeck's flexible terms and rates offer alternatives to traditional bank loans, as they evaluate more than just personal credit scores.

History of OnDeck

OnDeck was launched in Australia in 2015 after OnDeck Capital, the US-based parent company, branched out to other countries. The Australian-based company launched Know Your Score® in 2016 and KOALA Score™ in 2021.

OnDeck Capital was acquired by Enova in 2020 during the pandemic. In 2022, OnDeck’s (Australia) core management group bought out the majority of Enova’s stake in the Australian branch’s management share. OnDeck is now 80% locally owned while Enova retains its 20% share.

Since then, the company has had a better foothold in its operations within the country as the economy regained momentum.

Products and Services of OnDeck

OnDeck has a range of financial products that uses technology designed specifically for the Australian SME sector. Key offerings include: 

• small business loans: offering loans from $10,000 to $250,000 with terms ranging from 6 to 24 months, enabling businesses to access funds rapidly, sometimes in as fast as 2 hours
• Lightning Loans: introduced in 2021, these loans require only six months of bank statements and no asset security, allowing SMEs to access up to $100,000 rapidly
• Koala Score™: a groundbreaking credit scoring system unique to OnDeck, the Koala Score™ incorporates big data and advanced algorithms to provide a more precise credit assessment for businesses 

Culture at OnDeck

OnDeck’s operations revolve around data-driven decision-making, flexibility to clientele, and a technological mindset. This culture not only drives its internal functions but also shapes its interactions with customers so that OnDeck remains a smart and transparent partner for small businesses.

OnDeck cares for its employees through the wellness initiatives they have, such as:

• employing temporary resources to workers during high workload
• scheduling weekly workplace visits from a massage therapist every Friday
• doing offsite activities like sports, games, and more
• sharing stories with employees and doing “lunch n learns”

In fact, 92% of OnDeck employees have endorsed it as a great workplace, earning it certification from the employee experience firm Great Place to Work.

About OnDeck CEO Cameron Poolman

Cameron Poolman has been leading OnDeck Australia as CEO since its 2015 entry into the Australian market. Before OnDeck, he founded and led Grays Online as its CEO for 18 years. His expertise includes business marketing, leadership, B2B skills, account management, and more.

Poolman holds a bachelor's in Mechanical Engineering from the University of Sydney and a master's in Business Marketing from University of Technology Sydney. He is also a graduate of the Australian Institute of Company Directors and serves as a Director for the Australian Finance Industry Association.

The Future at OnDeck

OnDeck is looking to further its technological development and market influence with the introduction of products like the Koala Score™ and Lightning Loans. OnDeck demonstrates its commitment to leveraging technology and big data to better serve Australian SMEs.

The company's focus on transparency, through its SMARTBox™ initiative, and efforts to streamline the lending process, will help financial solutions for small businesses more accessible.