On Deck Capital (ONDK), Orchard Platform Enter Loan Purchasing Platform Solution Agreement
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Orchard Platform, the leading technology and data provider for online lending, announced an agreement with OnDeck® (NYSE: ONDK), the leader in online lending for small business to provide OnDeck with an automated and scalable solution to manage reporting for institutional investors purchasing OnDeck loans through OnDeck Marketplace. Orchard's technology also helps drive operational efficiencies by providing a universal view of standardized data through a suite of analytic and reporting tools.
The agreement also provides OnDeck with access to the entire Orchard for Originators product suite. This proprietary technology comprises dynamic investor dashboards, portfolio benchmarking, automated daily holdings reports, and a custom report builder for internal and third-party analytics.
"OnDeck Marketplace is an important part of our funding model, and we are constantly looking for ways to enhance our reporting and analytics capabilities to better serve our investors," said OnDeck CFO Howard Katzenberg. "Orchard helps us and our Marketplace investors monitor their loan portfolios by providing access to high-quality data and the tools required to easily understand that data. We considered multiple vendors, as well as building an in-house solution, and we selected Orchard because their technology was the most comprehensive."
"We're excited to strengthen our relationship with OnDeck by providing enhanced portfolio reporting and analytics to their marketplace," said Matt Burton, CEO of Orchard. "This represents an important milestone for Orchard and our technology, as we continue to build world-class products that help originators scale their businesses."
By working with Orchard, OnDeck can better focus on what it does best -- providing small businesses across the United States with access to much-needed financing. Through this agreement, Orchard demonstrates its commitment to developing best-in-class technology for originators and investors alike. Recently, Orchard announced the launch of the Orchard Data Partner Program, which validates the internal consistency and quality of an originator's data on an ongoing basis.
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