OnDeck Capital, an online small-business lender in New York, has added a former E-Trade Financial executive to its board, as another director plans to leave.
J. Sanford "Sandy" Miller will leave OnDeck's board in May after deciding not to seek reelection later this year, according to a press release. Miller is a general partner at Institutional Venture Partners, a venture-capital firm in Menlo Park, Calif., that specializes in later-stage firms, according to his LinkedIn profile.
OnDeck also named to its board. Nolop is a former chief financial officer at E-Trade Financial and Pitney Bowes.
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Revenue growth outpaced rising expenses at OnDeck Capital during the third quarter, allowing the fast-growing small-business lender to turn a profit.
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Hours after Jamie Dimon alluded to the budding partnership, the banking giant and marketplace lender went public with their plans to launch an online lending platform in 2016.
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Opus Bank in Irvine, Calif., is the latest bank to partner with an online lender, announcing an agreement Thursday to refer certain small-business customers to OnDeck Capital.
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"Since its founding, OnDeck has seen significant financial and customer growth," Nolop said in the press release.
Other members of OnDeck's board include Noah Breslow, who is also the company's chief executive, and Jane Thompson, the former head of Walmart Financial Services.
