OnDeck partners with Payment Source in Canada

TORONTO, Aug. 2, 2017 /PRNewswire/ -- OnDeck® (NYSE:ONDK), the leader in online lending for small business, announced today a partnership with Payment Source, the largest retail distribution network for prepaid products in Canada, to offer Payment Source's Now Prepay customers access to the OnDeck online small business lending platform.

Payment Source operates the Now Prepay brand and provides prepaid mobile top ups, gift cards and financial products and services to more than 15,000 retailers throughout Canada.

The simplicity and speed of the OnDeck online lending solution will offer retail merchants in Canada a seamless experience and provide them with the opportunity to apply for capital required to fund core growth initiatives.

"We're always looking for ways to increase the value of the business services we provide to our customers," says George DeMarchi, President, Payment Source. "With our Now Prepay division, we're looking to give our retail merchants the edge they need to succeed. We're certain that OnDeck will fill a need our customers have and we're excited to be facilitating this relationship."

The strategic partnership between OnDeck Canada and Payment Source is a major step forward for Canadian businesses, especially those retail companies looking to fund immediate needs in a short period of time.

"Small businesses have different needs, often requiring smaller amounts of money on-demand to fund critical growth inputs like hiring, technology and inventory," says Gary Fearnall, Country Manager, OnDeck Canada. "We are excited to partner with Payment Source to expand the accessibility of capital to small business owners to enable them to continue to grow."

OnDeck's advanced lending technology and staunch dedication to customer service has enabled it to deliver more than US$6 billion dollars in capital to over 70,000 businesses across the United States, Canada, and Australia.

"OnDeck focuses on providing lending solutions to small businesses to help them grow their business," says Grace Caputo, General Manager, Payment Source. "Their familiarity with small businesses and their speed to market makes them an ideal partner for us."

About Payment Source Inc.
Payment Source provides alternative payment solutions to organizations of all sizes and has the solution for every retail environment including; POS terminals, PC applications, mobile apps and integrated solutions. Now Prepay provides prepaid mobile top ups, gift cards and financial products and services. Loadhub® provides secure, real-time in-person payments capability in every community across Canada and is the best possible solution for anyone looking to load funds to an account or take one-time payments.

About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street's growth through advanced lending technology and a constant dedication to customer service.

For more information, please visit www.ondeck.ca  

OnDeck and the OnDeck logo are trademarks of On Deck Capital, Inc.

Press Contact:

Jim Larkin
OnDeck
jlarkin@ondeck.com
203-526-7457

Allison Cutler
Director, Marketing & Communications
Payment Source
416-255-8897

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SOURCE On Deck Capital, Inc.