U.S.-based banking firm PNC Bank announced on Monday it has partnered with online lender OnDeck to create a new digital business lending platform, which is set to launch in 2019. According to the banking group, the lending portal will offer fully digital business lines of credit up to $100,000.
PNC reported that it will OnDeck’s Platform-as-a-Service (ODX) solution to simplify and accelerate the conventional lending originations processes for PNC Bank’s small and medium-sized business customers. The firm also revealed it will combine its extensive product and credit expertise with ODX’s online origination technology and professional services to create the lending platform. The bank confirmed:
“When the platform is fully implemented during the first half of 2019, customers and prospective customers will be able to complete an application in as few as five minutes using desktop or mobile devices and, if approved, may receive funding of up to $100,000 within one to three business days. Applicants also may call at any point in the process to speak with a dedicated funding advisor.”
Speaking about the partnership, Lakhbir Lamba, Head of Retail Lending at PNC Bank, stated:
“Small and medium-sized business owners are continually searching for simpler, easier and quicker means to apply for and receive funding and to that end, PNC is investing in this new avenue to find solutions that work for them.”
Lamba also noted that the partnership with OnDeck is PNC’s first opportunity to leverage the services of a fintech in a platform-as-a-service model that will make it easier for businesses to borrow from the banking firm. Noah Breslow, CEO of OnDeck, then added:
“OnDeck is pleased to work with PNC to provide online lending to small and medium-sized businesses, offering ever greater efficiency and service. Our ODX platform service helps banks such as PNC offer swift and secure loans that grant their small business customers access to funds that will enable them to grow.”