WEX Inc., a leading provider of corporate and small business payment solutions, and OnDeck®, a leader in online lending for small business, announced a partnership in which WEX will offer business financing from OnDeck to its small business customers.
Under terms of the agreement, WEX customers will gain access to the OnDeck product suite of loans up to $500,000 and lines of credit up to $100,000. Qualifying customers will be able to use the OnDeck financing to invest in their business’ growth, manage cash flow or finance their purchase of WEX products and services.
WEX is a global, multi-channel provider of corporate payment solutions, representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. The company and its subsidiaries employ more than 2,500 associates who provide services in the Americas, Europe, Australia and Asia.
“Our partnership with OnDeck will be a huge benefit to our small to mid-sized business customers who will now have access to new sources of financing,” said Brian Fournier, Vice President, Fleet Channel Partner, WEX. “The strategic partnership will enable these customers to take advantage of OnDeck’s leading portfolio of products and services.”
“OnDeck is 100 percent focused on helping small businesses seize opportunities, such as hiring employees, funding marketing or buying inventory,” said Jerome Hersey, Vice President, OnDeck. “Our partnership with WEX, an innovator in the payments marketplace, will enable us to offer more small businesses an unparalleled set of choices to meet their financing needs.”