OnDeck (NYSE: ONDK), a small business online lending platform, announced earlier this week it has completed the transaction combining its Canadian operations with Evolocity Financial Group (Evolocity), a Montréal-based online small business lender.
According to OnDeck, the transaction combines the local operations, technology and Canadian underwriting expertise of Evolocity with the marketing, business development and international online lending experience of OnDeck to offer small businesses in all provinces and territories of Canada a broad array of innovative financing options and a superior customer experience. Noah Breslow, Chairman and CEO of OnDeck, stated:
“The closing of this transaction signals a new era of online lending innovation on behalf of Canada’s small businesses. As one of Canada’s leading online lenders to the crucial small business sector, we are well-positioned to provide financing options that will benefit Canadian small business owners from coast to coast.”
Neil Wechsler will serve as chief executive officer of OnDeck Canada, and the management team will include Evolocity co-founders David Souaid as chief revenue officer and Harley Greenspoon as chief operating officer. OnDeck added:
“The new entity has a Board of Directors chaired by Noah Breslow, OnDeck chief executive officer and includes OnDeck chief financial officer Ken Brause, OnDeck International president Rob Young, and the three Evolocity executives named above. OnDeck Canada will be consolidated and reported in OnDeck’s financial statements with Evolocity’s existing shareholder stake reported as a non-controlling interest.”