BIRMINGHAM, Ala., May 6, 2014 /PRNewswire/ -- BBVA Compass is teaming with tech-powered lender OnDeck to give Main Street a boost, using the company's innovative technology and business scoring system to offer loans to more small businesses.
The OnDeck Score™ analyzes thousands of data points — from cash flow to public records to social data — to assess the health of a small business. The bank will use the OnDeck Score and exclusive technology to provide qualifying business clients with loans up to $250,000, six- to 24-month payment terms, and funding in as fast as one business day.
The alliance marks OnDeck's most substantial partnership with a major bank, and continues BBVA Compass' unrelenting campaign to lift up small businesses.
"We're singularly focused on providing small-business owners the help they need to move their businesses forward," said Lonnie Hayes, small business segment director for BBVA Compass. "OnDeck's unique ability to quickly and accurately evaluate a business's performance will allow us to help more entrepreneurs secure the financing they need, when they need it."
Since 2007, OnDeck has delivered more than $1 billion in financing to small businesses nationwide. It holds an A+ rating with the Better Business Bureau and 93 percent of its customers say they would recommend OnDeck to other business owners.
"BBVA Compass shares our mission to bolster Main Street lending, and our partnership will help it serve even more customers," said James Hobson, chief operating officer of OnDeck. "Our vision has always been to have banks leverage our platform to more efficiently connect their customers to capital."
The agreement is another example of BBVA Compass' efforts to lead the technology-driven transformation of the financial services industry. Its parent company, BBVA, announced in February it was acquiring Simple, a Portland, Ore.-based company that has created a new standard in digital banking, through BBVA Compass.
It also is the latest in a series of BBVA Compass innovations targeting small business owners — a segment that is increasingly demanding faster access to capital for a variety of borrowing needs. Last year, BBVA Compass introduced its Business Mobility Bundle to help micro-businesses manage their finances on the go and launched its Great Ideas for Small Business Facebook Contest, awarding two small business owners $10,000 each to fuel their business growth. In February, the bank launched a new service, the BBVA Compass Payroll Service powered by Execupay, to help its business customers seamlessly manage their payrolls through online banking.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (BBVA) (BBVA.MA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 684 branches, including 352 in Texas, 89 in Alabama, 78 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration and was recently awarded the 2013 Celent Model Bank Award for its new core banking platform. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
BBVA Compass is a trade name of Compass Bank.
Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the OnDeck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company's proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner's personal credit history. The OnDeck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.
OnDeck has deployed more than $1 billion in capital to tens of thousands of businesses across approximately 700 different industries. The company grew 150% in 2013, and was recently named #11 on Forbes' 100 Most Promising Companies in America list and was listed on the Inc. 500/5000 for a second year in a row. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nation's leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures, Institutional Venture Partners and Tiger Global.
- BBVA Compass