PNC Bank teams with OnDeck to streamline SME financing

Monday 29 October 2018 11:03 CET | News

Starting in 2019, PNC Bank will offer digital business lines of credit up to USD 100,000 within one to three business days.

This expansion of its current online lending business comes courtesy of a partnership with OnDeck, whose OnDeck platform-as-a-service (ODX) solution – launched earlier in October 2018 – will speed up the loan origination process for PNC Bank’s SME customers.

PNC Bank is one of the largest diversified financial services institutions in the US. It has more than eight million retail and small business customers who use its deposit, lending, credit card, cash management, and investment services. With branches and ATMs in 19 states plus the District of Columbia, PNC Bank provides a variety of asset management and corporate/institutional banking services, and is a minority owner in investment management company BlackRock.

Since inception in 2006, OnDeck has delivered more than USD 10 billion in loans to small business borrowers in 700 different industries throughout the US, Canada and Australia. The company says it leverages its technology and underwriting platform to help SMEs get the “responsibly-priced and right-sized” short-term financing they need to grow. And via its newly-launched subsidiary, ODX, OnDeck offers banks a new way to better service their SME customers.

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Keywords: digital, lending, partnerships, SME, ODX, OnDeck, PNC Bank, US, loans
Countries: World