After Marathon Partners, which holds a 1.7% stake in OnDeck, slammed them for “a very risky strategy that has created a mindset of growth above all else,” OnDeck put on the brakes. Investors now seem shocked at the scope of the planned slowdown. The stock is currently down 79% from their IPO price in December 2014.
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On Deck Goes From Hot Tech Startup to Dull Lender
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Investors now seem shocked at the scope of the planned slowdown. On Deck, which makes high-interest loans to small businesses, said it has begun raising credit standards while making smaller loans at shorter duration. Loan originations may decline by a fifth next quarter, and total originations will be lower this year than last.
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