Toronto’s Wave announced a partnership today with OnDeck that puts them square in the middle of the lending space.
The new offering, Lending by Wave, allows Wave to offer OnDeck business loans and lines of credit to its customer base in the United States and Canada.
Under the partnership, Wave will leverage OnDeck’s online small business lending platform to streamline and automate the business borrowing experience, allowing its customers to access OnDeck loans within the Wave ecosystem.
“Cash flow and access to capital are essential for small businesses to grow, but often hard to get, because traditional financial institutions can’t serve this segment effectively. Our partnership with OnDeck reinforces Wave’s commitment to improving access to a full scope of small business financial services, and provides small business owners a better option than going to a bank for the funds they need to succeed,” said Kirk Simpson, CEO and co-founder of Wave.
Launched in 2010, Wave is a full-service online financial platform that brings together both financial services and software for small businesses, and has signed up 2.3 million customers around the world.
As the leader in online lending for small businesses, OnDeck’s advanced lending technology and staunch dedication to customer service has enabled the company to deliver more than $5 billion dollars in capital to over 60,000 businesses across the United States, Canada and Australia.