OnDeck reported first quarter earnings yesterday and total originations dipped for the quarter coming in at $636 million compared to $658 million for the previous quarter; the reason for the dip was because OnDeck tightened their credit box during the quarter; OnDeck CEO Noah Breslow said, “We made some adjustments to credit policy mid-quarter to pull back in certain areas and our funding advisor channel volume decreased sequentially as a result”; one bright spot was their line of credit product that reached an all time high of $150 million for the quarter. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.