SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jan. 17, 2017--
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 Hershey, 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
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.
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/
Source: WEX Inc.
Rob Gould, 207-523-7429