OnDeck, Upserve Form Partnership
OnDeck, a provider of online lending to small business, and Upserve, a restaurant management platform, announced a partnership to provide Upserve's restaurant customers with online financing options from OnDeck. Over 10,000 restaurants currently use Upserve's restaurant management platform and Point of Sales (POS) software to manage relationships with more than 57 million active diners.
The announcement opens up access for OnDeck to customers of a leading restaurant management platforms. For Upserve, the alliance with OnDeck enables them to provide a speedy and proven online financing option to its customers that other restaurant management platforms currently lack.
The partnership will enable Upserve restaurant customers to be pre-qualified for credit offerings from OnDeck, including online term loans and lines of credit. Last month, Upserve shared an email newsletter to its customers with a link previewing the partnership and allowing them to apply early for OnDeck online financing. The response from restaurateurs was immediate.
"The e-mail about the new financing option from Upserve couldn't have come at a better time," said Laurence Addeo, Owner of Addeo's Pizza in Bronx, N.Y. "I am opening a second location and needed money for some small renovations. I figured let me give it a shot. The process was simple and not invasive, and I received my money fast."
To date, OnDeck has provide more than $900 million in online financing to restaurants across the United States, Canada and Australia.