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Quote of the Week: Big Data Meets Business Loans

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February 20, 2014

“Using a big data approach, we are able to evaluate business lending using a multitude of data sources that most credit bureaus and other lending sources do not consider. As a result, we can provide financing solutions to businesses far faster than our peers at half the cost of merchant cash advances….We consider ourselves to be a disruptive financial and technology firm, compared to many of the emerging firms today in the peer-to-peer space.”

 

Who said it: Zhengyuan Lu, Vice President of Capital Markets at OnDeck Capital

In Context: Lu Zhengyuan was speaking at the Family Office Trends Forum in New York, NY in February 13th and explaining how his company, a startup that says it has provided some USD 900 million in loans to “tens of thousands” of small and medium sized business in the US, is filling the gap left in the credit market by regional banks and larger national banks. OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses, which it says enables it to make decisions at a fraction of the cost and time of more traditional sources of business credit. It is backed by SAP Venture and Google Ventures, among others.

 

Where we found it: PRWeb

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