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OnDeck (NYSE: ONDK) has surpassed $1 billion in financing to small businesses in New York, reflecting its commitment to the state's economic recovery. Since 2007, OnDeck has lent nearly $500 million to New York City businesses, emphasizing its role in supporting local economies. The company aligns with NYC's All In NYC campaign, advocating for transparency in lending through new legislation. Founded in 2006, OnDeck has provided over $13 billion in loans across several countries, maintaining a strong reputation with an A+ rating from the Better Business Bureau.
OnDeck (NYSE: ONDK) announced a collaboration with Visa to support small businesses through the Visa Small Business Hub. This partnership enables OnDeck to offer financing opportunities to small businesses impacted by COVID-19. The Hub provides essential tools and resources, enhancing OnDeck's ability to make rapid lending decisions. Utilizing Visa Direct for real-time payments, OnDeck aims to expedite loan funding. Founded in 2006, OnDeck has loaned over $13 billion across various industries in the U.S., Canada, and Australia, showcasing its commitment to small business growth.
ODX, a business banking originations platform, launched a new Digital Account Opening (DAO) experience that enhances digital onboarding and lending capabilities for financial institutions. This initiative responds to the growing customer preference for digital solutions, accelerated by the COVID pandemic. The DAO platform enables efficient KYC and AML compliance, supporting both digital and in-person account openings. ODX leverages nearly 15 years of digital onboarding experience, with multiple clients already committed to using DAO, thereby improving overall customer acquisition.
OnDeck (NYSE: ONDK) reported second quarter 2020 Gross Revenue of $80.5 million, a 27% decline from the previous quarters. Net income was $2.2 million, or $0.04 per diluted share, improving from a net loss of $59 million in Q1 2020. Adjusted Net income increased to $13.6 million with a goodwill impairment of $6.4 million. Loans and finance receivables decreased 30% sequentially to $901 million, reflecting a significant drop in loan originations. The company anticipates a modest net loss in Q3 2020 due to ongoing COVID-19 uncertainty.
OnDeck (NYSE:ONDK) announced it will release its second quarter 2020 financial results on July 29, 2020, at 7:00 a.m. ET. A conference call to discuss these results will follow at 8:00 a.m. ET. Investors can join the call via a toll-free number or internationally dialed lines, with a Conference ID of 7386363. The call will also be available for replay on their Investor Relations website. OnDeck, a leader in online lending for small businesses, has issued over $13 billion in loans since its inception in 2006.
