NEW YORK and PROVIDENCE, R.I., July 17, 2019 /PRNewswire/ -- OnDeck (NYSE: ONDK), the leader in online lending to small business and Upserve, a leading restaurant management platform, today announced a partnership to provide Upserve's restaurant customers with online financing options from OnDeck. Over 10,000 restaurants currently use Upserve's restaurant management platform and Point of Sales (POS) software to manage relationships with more than 57 million active diners.
Today's announcement opens up access for OnDeck to customers of one of the nation's leading restaurant management platforms. For Upserve, the alliance with OnDeck enables them to provide a speedy and proven online financing option to its customers that other restaurant management platforms currently lack.
"Upserve is a leading restaurant management platform with a compelling mission of providing restaurants with the best financial management capabilities and products, said Andrea Gellert," Chief Revenue Officer, OnDeck. "Since day one at OnDeck, we have had a similar mission to serve the restaurant industry with world-class online lending options. Working directly with Upserve, we can now help restaurants when they are most in need. Our partnership is a game changer for small business financing in the restaurant and hospitality industry."
"The partnership with OnDeck will allow us to offer tailored credit offerings to our restaurant customers whenever they need them, including capital improvements or opening a new location," said Andrea Kayal, Chief Marketing Officer, Upserve, "We are constantly innovating on behalf of our customers by providing access to meaningful products and services that are a natural extension of our core offering. Today's partnership with OnDeck to enable speedy financing online will extend Upserve's position as a leading restaurant management platform."
The partnership is the first of its kind for both companies and will enable Upserve restaurant customers to be pre-qualified for credit offerings from OnDeck, including online term loans and lines of credit. Last month, Upserve shared an email newsletter to its customers with a link previewing the partnership and allowing them to apply early for OnDeck online financing. The response from restaurateurs was immediate.
"The e-mail about the new financing option from Upserve couldn't have come at a better time," said Laurence Addeo, Owner of Addeo's Pizza in Bronx, New York. "I am opening a second location and needed money for some small renovations. I figured let me give it a shot. The process was simple and not invasive, and I received my money fast. OnDeck and my advisor Carl were great. He was very thorough when going over the whole process. I am happy I followed up with the email and made the call. I'll be opening my second location soon!"
To date, OnDeck has provide more than $900 million in online financing to restaurants across the United States, Canada and Australia.
Upserve is the magic ingredient that helps restaurateurs become wildly successful, providing everything you need to run a restaurant in a single hub. Upserve offers the market-leading cloud restaurant POS, actionable insights, transparent processing, automated inventory and ordering, mobile restaurant management, and seamless integration with leading third-party restaurant apps via the Upserve Marketplace. Over 10,000 restaurants use Upserve to manage relationships with more than 57 million active diners, process over $9.9 billion in annual sales, and serve over 36 million meals per month. Upserve is headquartered in Providence, Rhode Island with additional offices in Denver and Tel Aviv.
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $11 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are trademarks of On Deck Capital, Inc.
SOURCE On Deck Capital, Inc.