Digital lender OnDeck has launched a new subsidiary called ODX, which will support banks in developing digital small business lending products.
Wholly owned by OnDeck, the new entity will offer analytic insights and professional services to banks looking to offer online lending to small businesses.
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OnDeck said that ODX technology will enable small business clients to receive immediate decisions on digital bank loan applications and secure capital from the bank within 24 hours.
OnDeck chairman and CEO Noah Breslow said: “OnDeck is a pioneer of online lending to small businesses, and ODX will leverage that proven expertise by collaborating with banks to provide their small business borrowers with fast and reliable financing online.
“ODX is the next generation service provider for the digital lending era, delivering a bank-ready origination platform, analytic support, and implementation services that speed product and process transformation to help banks better meet the evolving needs of their customers.”
Brian Geary, formerly vice president of OnDeck’s bank partnership unit, has been named as the president of the new subsidiary.
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By GlobalDataOnDeck also appointed Raj Kolluri as the head of product and technology at ODX.
“ODX is committed to helping banks accelerate delivery of the digital experience that customers want, while enabling strong loyalty and ultimately, long-term profitable growth,” Geary said.
