On Deck Capital, which originates over $1 billion in annual small business loans through an online platform, filed on Monday with the SEC to raise up to $150 million in an initial public offering.
On Deck Capital's IPO filing follows that of another online lending platform, LendingClub (LC), which filed to raise up to $500 million in late August. Unlike On Deck, LendingClub is a peer-to-peer service that does not take on direct credit risk, though it recently launched a small business program that competes with the On Deck's platform.
The New York, NY-based company, which was founded in 2006 and booked $130 million in gross revenue for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol ONDK. On Deck Capital initially filed confidentially on August 21, 2014. Morgan Stanley, BofA Merrill Lynch, J.P. Morgan, Deutsche Bank and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
