WEX Inc. (NYSE: WEX) announced today it is partnering with OnDeck (NYSE: ONDK), a leader in online lending for small business, to offer business financing from OnDeck to its small business customers.
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, according to WEX’s announcement of the new service.
Based in New York, OnDeck has loaned $5 billion to more than 60,000 customers in 700 different industries across the United States, Canada and Australia, according to its website. It has an A+ rating with the Better Business Bureau and operates the educational small business financing website BusinessLoans.com.
“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,” Brian Fournier, vice president, fleet channel partner for WEX, said in today’s announcement.
“OnDeck is 100% focused on helping small businesses seize opportunities, such as hiring employees, funding marketing or buying inventory,” said Jerome Hersey, vice president for 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 financing needs.”
WEX, based in South Portland, is a global, multi-channel provider of corporate payment solutions representing more than 10 million vehicles and across a wide spectrum of business sectors. The company and its subsidiaries employ more than 2,500 people who provide services in the Americas, Europe, Australia and Asia.
