Fintech Lender
of the Year 2019
Fintech Lender Excellence Awardee 2020
Fintech Lender Excellence Awardee 2021
Accolades
Media
OnDeck launches in Australia
2015
OnDeck delivers fast results for SMEs
As the head of a digital non-bank that specialises in providing small businesses with fast, efficient access to finance, Cameron Poolman has plenty of experience he can draw on regarding SMEs.
Poolman joined OnDeck in 2015 when it set up in Australia, but before that he spent almost 20 years in the world of auctions, first as a commercial auctioneer and then later riding the early waves of e-commerce – setting up Australasia’s largest online auction business, Grays Online.
Working in auctions, Poolman met many small-business owners – giving him firsthand insights into the challenges they face, including the difficulties securing finance through mainstream lenders, something he experienced when leading a management buyout of Grays Online in 2005.
These experiences have no doubt shaped Poolman’s leadership of OnDeck, which underwent its own management buyout in December last year.
Poolman, CFO Jerry Yohananov and COO Charlene Batson now own 58% of the company, buying shares from US-based Enova International.
The small business lender is thriving – loan originations are up 43% in the first six months since the buyout, compared to the previous half-year.
Poolman says OnDeck’s growth in loan originations reflects significant demand for rapid funding across the broader small-business sector.
“The bottom line is that OnDeck is giving more small businesses and our broker partners a streamlined application process and rapid delivery of funds, which can provide a critical edge in today’s competitive market,” says Poolman.
“We anticipate this will continue to drive further growth in OnDeck’s loan originations.”
Lightning Loans
Poolman says the decision to lift the lending limit for OnDeck’s Lightning Loans by $50,000, from $100,000 to $150,000, has contributed to this growth.
“It reflects one of the many benefits of the MBO [management buyout], as OnDeck is now better able to tailor lending products to the needs of Australia’s small-business community.”
Lightning Loans allows small businesses to access unsecured funding of up to $150,000 within two hours with just six months of bank statements – up from $100,000 pre-MBO.
The loans are driven by OnDeck’s inhouse-designed assessment software – the KOALA Score™ (Key Online Australian Lending Algorithm score), which analyses a small business’s bank statements and uses risk-management technology to accelerate lending decisions, often without the need to involve an underwriter.
Business sectors seeking finance
Poolman says OnDeck is receiving applications for small-business finance from across every industry, but especially retail, construction, and hospitality.
“Clients are seeking finance for a variety of purposes including growth opportunities, the purchase of new equipment that you can’t buy with equipment finance, trading stock, or just to take the day-to-day pressure off managing cashflow.”
OnDeck is always very quick to respond to loan applications, says Poolman.
“Our team is fantastic to deal with, and Lightning Loans are proving very popular among small businesses for the ease of application and rapid access to funding.”
Diversification
Demand for home loans ebbs and flows throughout the year. Poolman says the festive season is typically a quiet period for home loans, but it’s one of the busiest for commercial finance as SMEs invest in trading stock or take on new staff.
“Branching out into business lending can help a broker avoid down periods and enjoy more consistent cashflow and revenue growth throughout the year,” he says.
OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners.
“That’s a potential market right there, and building a commercial loan book can be as easy as having conversations with your existing database of clients.”
Poolman says from the client’s perspective, it’s both reassuring and
convenient to turn to the same broker who arranged their home loan when they are seeking business finance – the broker is familiar with the client’s background, saving time on data gathering.
“Diversifying into commercial finance cements the broker as a one-stop shop that clients can turn to for all their financing needs. And by serving the holistic needs of each client, brokers are more likely to experience repeat business and referral growth.”
OnDeck can help brokers transition into business financing – it provides a partner portal giving brokers access to marketing tools, such as flyers and template copies.
If brokers want to send out an eDM promoting SME lending, OnDeck can provide a ‘send-ready’ design, complete with the brokerage’s logo and brand colours.
Poolman says brokers also have the full support of OnDeck’s team of dedicated business developers and loan writers, each of whom has been selected and trained to work with the broker channel.
“For brokers, our experienced team can take their client’s scenario and do the heavy lifting for them – and brokers can be reassured they only deal with one person at OnDeck.”
The value of broker conversations with clients
Rising interest rates, higher inflation, and supply-chain problems mean small-business owners are looking to their brokers for options to meet their cash flow needs, says Poolman.
“Therefore, brokers need to learn more about the profile of a small business and how it manages the potential economic headwinds. As part of this conversation, brokers could find out what has driven success to date, why it will continue to be a success, and the plans for the future direction of the small business.”
Poolman says discussions about income will be valuable, and should cover how and when customers usually pay and how prevailing disruptions might affect revenue. Likewise, brokers also need to ask about issues relating to outgoings, such as payment cycles and outstanding payments.
“On the subject of supply-chain issues, many businesses are feeling the pinch. Brokers could consider asking clients about their plan of attack if they can’t get stock to keep the small business on track. “
Looking ahead
“At OnDeck we are already seeing a significant uptick in demand for cash flow finance, though it is more a function of businesses embracing opportunities for growth rather than managing unexpected expenses,” says Poolman.
He says in the fourth quarter of 2021, when lockdowns ended, there was an impressive uptick in demand for OnDeck’s unsecured small-business lending products.
“In 2022, we are already seeing a 43% jump in loan originations compared to 2021, and we believe additional economic tailwinds will contribute to further growth this year.”
Small businesses are also seeking finance to invest in plant and equipment, training, and technology, to take advantage of the supersized tax deductions announced in the latest federal budget.
Spotlight
OnDeck is a leader in online lending to small businesses. Since launching in 2015, its focus has been on supporting small businesses with access to fast, efficient unsecured finance. OnDeck does things smarter – its KOALA Score™ credit assessment model uses innovative technology to assess loan applications and repayment capacity in a matter of minutes rather than days or weeks. In 2021, OnDeck also launched Lightning Loans, which enables the awarding of loans of up to $150,000 in as fast as 30 minutes, and funding in as fast as two hours.
Company Profile
97
Number of Australian SMEs that were using Know Your Score by 2022
70
Number of employees in Australia
5-star
Trustpilot rating
80+
NPS Score
700+
Number of industries serviced
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years in Industry
7
Tenure at current position
2017 - Present
On reinventing himself as a fintech leader
“I could see the potential of the internet to revolutionise SME funding. I liked the way OnDeck was using cutting-edge technology to make real-time lending decisions”
Cameron Poolman
CEO at OnDeck
OnDeck has made a big impact as a small business lender since its formation in 2015. MPA talks to CEO Cameron Poolman about the company’s growth and what it offers brokers
Read on
“OnDeck is giving more small businesses and our broker partners a streamlined application process and rapid delivery of funds, which can provide a critical edge in today’s competitive market”
Cameron Poolman,
OnDeck
“OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners. Building a commercial loan book can be as easy as having conversations with your existing clients”
Cameron Poolman,
OnDeck
Share
Accolades
Media
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
OnDeck delivers fast results for SMEs
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
OnDeck can help brokers transition into business financing – it provides a partner portal giving brokers access to marketing tools, such as flyers and template copies.
If brokers want to send out an eDM promoting SME lending, OnDeck can provide a ‘send-ready’ design, complete with the brokerage’s logo and brand colours.
Poolman says brokers also have the full support of OnDeck’s team of dedicated business developers and loan writers, each of whom has been selected and trained to work with the broker channel.
“For brokers, our experienced team can take their client’s scenario and do the heavy lifting for them – and brokers can be reassured they only deal with one person at OnDeck.”
The value of broker conversations with clients
Rising interest rates, higher inflation, and supply-chain problems mean small-business owners are looking to their brokers for options to meet their cash flow needs, says Poolman.
“Therefore, brokers need to learn more about the profile of a small business and how it manages the potential economic headwinds. As part of this conversation, brokers could find out what has driven success to date, why it will continue to be a success, and the plans for the future direction of the small business.”
Poolman says discussions about income will be valuable, and should cover how and when customers usually pay and how prevailing disruptions might affect revenue. Likewise, brokers also need to ask about issues relating to outgoings, such as payment cycles and outstanding payments.
“On the subject of supply-chain issues, many businesses are feeling the pinch. Brokers could consider asking clients about their plan of attack if they can’t get stock to keep the small business on track. “
Looking ahead
“At OnDeck we are already seeing a significant uptick in demand for cash flow finance, though it is more a function of businesses embracing opportunities for growth rather than managing unexpected expenses,” says Poolman.
He says in the fourth quarter of 2021, when lockdowns ended, there was an impressive uptick in demand for OnDeck’s unsecured small-business lending products.
“In 2022, we are already seeing a 43% jump in loan originations compared to 2021, and we believe additional economic tailwinds will contribute to further growth this year.”
Small businesses are also seeking finance to invest in plant and equipment, training, and technology, to take advantage of the supersized tax deductions announced in the latest federal budget.
Lightning Loans
Poolman says the decision to lift the lending limit for OnDeck’s Lightning Loans by $50,000, from $100,000 to $150,000, has contributed to this growth.
“It reflects one of the many benefits of the MBO [management buyout], as OnDeck is now better able to tailor lending products to the needs of Australia’s small-business community.”
Lightning Loans allows small businesses to access unsecured funding of up to $150,000 within two hours with just six months of bank statements – up from $100,000 pre-MBO.
The loans are driven by OnDeck’s inhouse-designed assessment software – the KOALA Score™ (Key Online Australian Lending Algorithm score), which analyses a small business’s bank statements and uses risk-management technology to accelerate lending decisions, often without the need to involve an underwriter.
Business sectors seeking finance
Poolman says OnDeck is receiving applications for small-business finance from across every industry, but especially retail, construction, and hospitality.
“Clients are seeking finance for a variety of purposes including growth opportunities, the purchase of new equipment that you can’t buy with equipment finance, trading stock, or just to take the day-to-day pressure off managing cashflow.”
OnDeck is always very quick to respond to loan applications, says Poolman.
“Our team is fantastic to deal with, and Lightning Loans are proving very popular among small businesses for the ease of application and rapid access to funding.”
Diversification
Demand for home loans ebbs and flows throughout the year. Poolman says the festive season is typically a quiet period for home loans, but it’s one of the busiest for commercial finance as SMEs invest in trading stock or take on new staff.
“Branching out into business lending can help a broker avoid down periods and enjoy more consistent cashflow and revenue growth throughout the year,” he says.
OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners.
“That’s a potential market right there, and building a commercial loan book can be as easy as having conversations with your existing database of clients.”
Poolman says from the client’s perspective, it’s both reassuring and convenient to turn to the same broker who arranged their home loan when they are seeking business finance – the broker is familiar with the client’s background, saving time on data gathering.
“Diversifying into commercial finance cements the broker as a one-stop shop that clients can turn to for all their financing needs. And by serving the holistic needs of each client, brokers are more likely to experience repeat business and referral growth.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
“OnDeck is giving more small businesses and our broker partners a streamlined application process and rapid delivery of funds, which can provide a critical edge in today’s competitive market”
Cameron Poolman,
OnDeck
“OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners. Building a commercial loan book can be as easy as having conversations with your existing clients”
Cameron Poolman,
OnDeck
Years in Industry
7
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
On reinventing himself as a fintech leader
“I could see the potential of the internet to revolutionise SME funding. I liked the way OnDeck was using cutting-edge technology to make real-time lending decisions”
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
Accolades
Media
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
OnDeck delivers fast results for SMEs
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
The loans are driven by OnDeck’s inhouse-designed assessment software – the KOALA Score™ (Key Online Australian Lending Algorithm score), which analyses a small business’s bank statements and uses risk-management technology to accelerate lending decisions, often without the need to involve an underwriter.
Business sectors seeking finance
Poolman says OnDeck is receiving applications for small-business finance from across every industry, but especially retail, construction, and hospitality.
“Clients are seeking finance for a variety of purposes including growth opportunities, the purchase of new equipment that you can’t buy with equipment finance, trading stock, or just to take the day-to-day pressure off managing cashflow.”
OnDeck is always very quick to respond to loan applications, says Poolman.
“Our team is fantastic to deal with, and Lightning Loans are proving very popular among small businesses for the ease of application and rapid access to funding.”
Diversification
Demand for home loans ebbs and flows throughout the year. Poolman says the festive season is typically a quiet period for home loans, but it’s one of the busiest for commercial finance as SMEs invest in trading stock or take on new staff.
“Branching out into business lending can help a broker avoid down periods and enjoy more consistent cashflow and revenue growth throughout the year,” he says.
OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners.
“That’s a potential market right there, and building a commercial loan book can be as easy as having conversations with your existing database of clients.”
Poolman says from the client’s perspective, it’s both reassuring and convenient to turn to the same broker who arranged their home loan when they are seeking business finance – the broker is familiar with the client’s background, saving time on data gathering.
“Diversifying into commercial finance cements the broker as a one-stop shop that clients can turn to for all their financing needs. And by serving the holistic needs of each client, brokers are more likely to experience repeat business and referral growth.”
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
Years in Industry
7
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
On reinventing himself as a fintech leader
“I could see the potential of the internet to revolutionise SME funding. I liked the way OnDeck was using cutting-edge technology to make real-time lending decisions”
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
“OnDeck’s research shows that as many as one in four of a broker’s home-loan customers are likely to be SME owners. Building a commercial loan book can be as easy as having conversations with your existing clients”
Cameron Poolman,
OnDeck
“OnDeck is giving more small businesses and our broker partners a streamlined application process and rapid delivery of funds, which can provide a critical edge in today’s competitive market”
Cameron Poolman,
OnDeck
IN Partnership with
In Partnership with
2015
2016
2019
2021
2019
2022
OnDeck launches in Australia
2015
Launches free Know Your Score online tool for small businesses to check their credit score
2016
Records 70% annual growth in broker-generated loans
2019
Launches innovative KOALA Score™ credit algorithm; also introduces Lightning Loans, giving SMEs rapid access to loans of up to $150,000 in as little as two hours
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
OnDeck becomes majority-owned and operated by Australian leadership team through management buyout
2022
Milestones
Fintech Lender Excellence Awardee 2022
Most Effective Online Presence – Lender Highly Commended 2018
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Copyright © 1996-2022 Key Media, Inc.
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Contact Us
RSS
News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
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Copyright © 1996-2022 Key Media, Inc.
Companies
People
Newsletter
About us
Authors
Privacy Policy
Conditions of Use
Contact Us
RSS
News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK