OnDeck Expands Canadian Leadership Team and Solidifies Commitment to Canadian Small Business Market
TORONTO, ONTARIO--(Marketwired - Oct. 8, 2015) - OnDeck® (NYSE:ONDK), a leading platform for small business lending, today announced a key addition to its Canadian business with the hire of Gary Fearnall as Country Manager. The appointment comes after OnDeck's official expansion into Canada earlier this year and solidifies its commitment to serving Canada's approximately 1.1 million small businesses. Fearnall will drive OnDeck's strategy to transform the Canadian small business lending landscape.
Fearnall brings to OnDeck over a decade of experience in digital technology, innovation and small businesses in Canada. Prior to joining OnDeck, Fearnall worked with some of Canada's leading organizations including, LinkedIn, Globe and Mail and Rogers. Most recently as Director of Marketing Solutions at LinkedIn, he played a significant role in the professional social network's expansion in Canada, working closely with small businesses on growth strategies leveraging social and mobile technology.
"Gary is a celebrated addition to OnDeck's business in Canada, bringing a unique perspective, experience and knowledge of the Canadian small business landscape," said Rob Young, senior vice president of international, OnDeck. "This is an exciting time for us in Canada and we are thrilled to have Gary lead our business development, product and team building efforts."
"OnDeck is using technology and big data to transform small business lending, and their presence in Canada is filling a critical need for our local businesses and overall economy," said Gary Fearnall, country manager, OnDeck. "I'm excited to bring my experience in small business and expanding leading digital platforms in Canada to help OnDeck continue innovating and meeting the ever-evolving financing needs of our local businesses."
Fearnall, who will be based in Toronto, joins OnDeck's expanding Canadian team, which also includes the recent appointment of Ashish Modi, who joined from Meridian Bank, to help manage its growing business development efforts. This month the team will be participating in a variety of activities celebrating Canada's Small Business Month, including the CAGT Online Economy Dinner and Panel and the SOHO SME Expo 2015 in Toronto and Vancouver.
OnDeck offers term loans in Canada from $5,000 to $150,000 and has served over 200 distinct industries since entering the market in 2014.
To learn more about OnDeck, visit www.ondeck.com/canada.
OnDeck (NYSE:ONDK), a leading platform for small business loans, is committed to increasing Main Street's access to capital. OnDeck uses advanced lending technology and analytics to assess creditworthiness based on actual operating performance and not solely on personal credit. The OnDeck Score®, the company's proprietary small business credit scoring system, evaluates thousands of data points to deliver a credit decision rapidly and accurately. Small businesses can apply for a line of credit or term loan online in minutes, get a decision immediately and receive funds in as fast as the same day. OnDeck also partners with small business service providers, enabling them to connect their customers to OnDeck financing. OnDeck's diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitization and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.
Since 2007, OnDeck has deployed more than $3 billion to more than 700 different industries in all 50 U.S. states, and also makes small business loans in Canada. The company has an A+ rating with the Better Business Bureau and operates the website BusinessLoans.com which provides credit education and information about small business financing. On December 17, 2014, OnDeck started trading on the New York Stock Exchange under the ticker ONDK.