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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.
January 21 -
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.
December 1 -
Revenue growth outpaced rising expenses at OnDeck Capital during the third quarter, allowing the fast-growing small-business lender to turn a profit.
November 2
OnDeck Capital in New York reported a $5.1 million loss in the fourth quarter as revenue failed to keep pace with rising expenses.
The online small-business lender recorded operating expenses of $47.4 million, up 73% from the same period a year earlier. OnDeck, which went public 14 months ago, attributed the increase to its continued investments in growth.
Revenue also rose, albeit a bit more modestly. Quarterly net revenue rose 67% from the fourth quarter of 2014 to $42.3 million.
The company's fourth-quarter loss followed two profitable quarters. It came during a three-month period that featured the much-ballyhooed announcement of a
In a press release announcing the results, OnDeck Chief Executive Noah Breslow emphasized the company's strong loan growth. "In the fourth quarter total originations grew 51% year over year," he said.
OnDeck keeps some loans on its own balance sheet and sells others to investors. In the fourth quarter,
OnDeck's gain on the sale of loans was $18.2 million in the fourth quarter, up from just $4.3 million in the same period a year earlier. The company's interest income rose at a much slower rate, from $45.4 million in the fourth quarter of 2014 to $47.5 million.
