The 14-year-old company struggled to meet the expectations that accompanied its 2014 initial public offering, recording $94.5 million in losses in its first two years as a public company. Cost-cutting eventually brought modest profitability, but investors were seeking margins more in line with those generated in the tech sector.
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Why OnDeck is being sold on the cheap
“Our mission at OnDeck has been to make lending easier for our small-business clients, and this opportunity delivers that promise on a larger scale,” Breslow said during the conference call Tuesday. “Our analytics capabilities and advanced fraud detection will build upon Enova’s existing platform, and our investments to date in our next-generation technology infrastructure are a complement to Enova’s as well.”
