After pioneering online small business lending in the US, OnDeck has come to Australia to provide alternative funding solutions to small companies. The online lender has set up its Australian office in Sydney to take advantage of the city’s strong entrepreneurial culture and support for FinTech innovation.
Fast facts about OnDeck
- OnDeck is the leading online small business lender in the US
- It opened its first international office in Sydney in 2015
- It provides small business loans between $10,000 and $250,000 in value
Online lender OnDeck opened its first office outside North America in Australia in 2015 after successfully pioneering online small business lending in the US. To replicate its US business model, the company needed an environment that would support FinTech innovation.
The presence of startup and FinTech hubs such as Stone & Chalk made Sydney an easy choice for the company, says Cameron Poolman, CEO for OnDeck Australia. Stone & Chalk is one of the startup hubs established with the support of the New South Wales (NSW) Government. It promotes the development of FinTech startups by co-locating technology firms, venture capital providers and financial services companies.
“Traditionally, Sydney is very much the entrepreneurial place to be in Australia,” says Poolman.
By locating in Sydney, OnDeck can easily find and work with providers that can help it grow. Being a FinTech startup, it is crucial for the company to have access to larger financial institutions and potential partners.
“Sydney is the financial capital of Australia, and so if you want to be partnering with banks or you need extra debt funding or equity funding, you can get access to those providers here,” says Poolman.
Being in Sydney has also provided an excellent pool of talent and close proximity to customers. “It’s a great spot to be in Sydney because you’ve got Queensland to the north, Victoria to the south, and so you can be close to everyone,” says Poolman.
For more information download the OnDeck case study.