Small business lender OnDeck announced on Tuesday it formed a strategic partnership with corporate and small business payment solutions, WEX.
OnDeck reports that under the new partnership agreement, WEX customers will gain access to the OnDeck product suite of loans up to $500,000 and lines of credit up to $100,000. Qualifying customers will be able to use the OnDeck financing to invest in their business’ growth, manage cash flow or finance their purchase of WEX products and services.
Brian Fournier, vice president of fleet channel partner at WEX, stated:
“Our partnership with OnDeck will be a huge benefit to our small to mid-sized business customers who will now have access to new sources of financing. The strategic partnership will enable these customers to take advantage of OnDeck’s leading portfolio of products and services.”
Jerome Hershey, vice president of OnDeck, added:
“OnDeck is 100 percent focused on helping small businesses seize opportunities, such as hiring employees, funding marketing, or buying inventory. Our partnership with WEX, an innovator in the payments marketplace, will enable us to offer more small businesses an unparalleled set of choices to meet their financing needs.”
WEX notably represents over 10 million vehicles. It now payment security and control across a spectrum of business sectors. The company and its subsidiaries employ more than 2,000 associates that provide service in the Americas, Europe, Australia, and Asia.
