upSWOT and OnDeck Canada Expand Successful Pilot to Improve Access to Capital for Small Businesses with Data Enhanced Lending Decisions

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OnDeck Canada, a national leader in reliable, accessible, and efficient online lending for Canadian small businesses, is expanding its successful pilot with upSWOT, a leading fintech platform to connect business applications for integrated data analysis. 

upSWOT will enable OnDeck Canada to provide their small business clients with the ability to import their business data directly into OnDeck Canada’s lending application. This will help OnDeck Canada make enhanced lending decisions that improve client access to funds to grow their businesses. 

The upSWOT and OnDeck Canada pilot have been successfully completed, and they will now work together in a multi-year contract. This partnership will bring first-in-class alternative data-based lending technologies to small businesses, improving their access to capital. 

Dmitry Norenko, CEO of upSWOT, comments, “Small businesses have long been held back by their lack of sufficient business credit in order to get the right credit opportunities. We are excited to work with OnDeck Canada to offer data enhanced-credit lending opportunities to more small businesses.”

About upSWOT

upSWOT offers real-time SMB performance data, trends, and insights. The upSWOT platform, with connections to 150+ SaaS products used daily by small-medium enterprises, is a powerful add-on to digital banking offerings.

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About OnDeck Canada

OnDeck Canada is a national leader in reliable, accessible, and efficient online lending for Canadian small businesses. They offer a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances coast to coast, in both English and French.  Since its inception in 2015, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours. OnDeck Canada has provided over CAD$450 million in capital to small businesses nationally. OnDeck Canada is rated 5-Stars “Excellent” by Canadians on Trustpilot. The OnDeck Canada entities are subsidiaries of On Deck Capital, Inc. (NYSE: ONDK).

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