Banks Warming Up To Online Lending Upstarts
It appears that big banks are finally starting to warm up to online lending upstarts. The aftermath of the 2008 financial crisis resulted in big banks being very hesitant to take risks on high-tech lenders, but now it appears that this is finally starting to change.
One such online lending upstate is On Deck Capital. The company had an easy time obtaining investments from venture capitalists and attracting new customers, but for many years, getting assistance from a big bank was more difficult.
However, earlier this month, JPMorgan Chase finally agreed to support On Deck. According to On Deck, this will help them in providing small business loans to the four million customers of the bank.
On Deck CEO Noah Breslow said, “We had to lend $3 billion and prove we could do it really well befo...