WEX and OnDeck Announce Strategic Partnership to Offer Financing to WEX Small Business Customers
17 January 2017 - 10:30PM
Business Wire
WEX Inc. (NYSE: WEX), a leading provider of corporate and small
business payment solutions, and OnDeck® (NYSE: ONDK), a leader in
online lending for small business, announced a partnership in
which WEX will offer business financing from OnDeck to its small
business customers.
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Under terms of the agreement, WEX customers will gain access to
the OnDeck product suite of loans up to $500,000 and lines of
credit up to $100,000. Qualifying customers will be able to use the
OnDeck financing to invest in their business' growth, manage cash
flow or finance their purchase of WEX products and services.
WEX is a global, multi-channel provider of corporate payment
solutions representing more than 10 million vehicles and offering
exceptional payment security and control across a wide spectrum of
business sectors. The company and its subsidiaries employ more than
2,500 associates who provide services in the Americas, Europe,
Australia, and Asia.
“Our partnership with OnDeck will be a huge benefit to our small
to mid-sized business customers who will now have access to new
sources of financing,” said Brian Fournier, vice president, fleet
channel partner, WEX. “The strategic partnership will enable these
customers to take advantage of OnDeck’s leading portfolio of
products and services.”
“OnDeck is 100 percent focused on helping small businesses seize
opportunities, such as hiring employees, funding marketing, or
buying inventory,” said Jerome Hersey, vice president, OnDeck. “Our
partnership with WEX, an innovator in the payments marketplace,
will enable us to offer more small businesses an unparalleled set
of choices to meet their financing needs.”
For more information about WEX’s small business offerings,
please visit: http://www.wexinc.com/fleet/small-business/.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983,
WEX has expanded the scope of its business into a multi-channel
provider of corporate payment solutions representing approximately
10 million vehicles and offering exceptional payment security and
control across a wide spectrum of business sectors. WEX serves a
global set of customers and partners through its operations around
the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway
and Singapore. WEX and its subsidiaries employ more than 2,500
associates. The company has been publicly traded since 2005, and is
listed on the New York Stock Exchange under the ticker symbol
“WEX.” For more information, visit www.wexinc.com and follow WEX on
Twitter at @WEXIncNews.
About OnDeck
OnDeck (NYSE: ONDK) is the leader in online small business
lending. Since 2007, the Company has powered Main Street’s growth
through advanced lending technology and a constant dedication to
customer service. OnDeck’s proprietary credit scoring system – the
OnDeck Score® – leverages advanced analytics, enabling OnDeck to
make real-time lending decisions and deliver capital to small
businesses in as little as 24 hours. OnDeck offers business owners
a complete financing solution, including the online lending
industry’s widest range of term loans and lines of credit. To date,
the Company has deployed over $5 billion to more than 60,000
customers in 700 different industries across the United States,
Canada and Australia. OnDeck has an A+ rating with the Better
Business Bureau and operates the educational small business
financing website www.businessloans.com.
OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are
trademarks of On Deck Capital, Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170117005095/en/
WEXRob Gould,
207-523-7429robert.gould@wexinc.comorOnDeckJim Larkin,
203-526-7457jlarkin@ondeck.com
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