OnDeck (NYSE: ONDK) and Orchard Platform have signed an agreement where Orchard will provide a scalable solution to manage the reporting for institutional investors purchasing loans via the OnDeck Marketplace. The agreement will also provide OnDeck with access to the entire Orchard for Originators product suite. The Orchard technology comprises investor dashboards, portfolio benchmarking, automated daily holdings reports, and a custom report builder for internal and third-party analytics.
OnDeck CFO Howard Katzenberg said OnDeck Marketplace was an important part of their strategy and they are constantly looking for ways to improve the service.
“Orchard helps us and our Marketplace investors monitor their loan portfolios by providing access to high-quality data and the tools required to easily understand that data. We considered multiple vendors, as well as building an in-house solution, and we selected Orchard because their technology was the most comprehensive.”
Matt Burton, Orchard CEO, labeled the agreement an “important milestone” for Orchard and their evolution as a Fintech leader in their space.
“… we continue to build world-class products that help originators scale their businesses.”
OnDeck, launched in 2007, is an online small business lender. OnDeck can make real-time lending decisions and deliver funding to small businesses in as little as 24 hours. Orchard is a technology and data provider for the online lending industry, powering the interaction between institutional investors and loan originators.