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OnDeck, Upserve Partner to Speed Financing to Restaurants

July 17, 2019, 07:21 AM
Filed Under: Industry News

OnDeck and Upserve, a leading 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 partnership opens up access for OnDeck to customers of one of the nation's 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.

"Upserve is a leading restaurant management platform with a compelling mission of providing restaurants with the best financial management capabilities and products, said Andrea Gellert," Chief Revenue Officer, OnDeck.  "Since day one at OnDeck, we have had a similar mission to serve the restaurant industry with world-class online lending options.  Working directly with Upserve, we can now help restaurants when they are most in need. Our partnership is a game changer for small business financing in the restaurant and hospitality industry."

"The partnership with OnDeck will allow us to offer tailored credit offerings to our restaurant customers whenever they need them, including capital improvements or opening a new location," said Andrea Kayal, Chief Marketing Officer, Upserve, "We are constantly innovating on behalf of our customers by providing access to meaningful products and services that are a natural extension of our core offering. Today's partnership with OnDeck to enable speedy financing online will extend Upserve's position as a leading restaurant management platform."

The partnership is the first of its kind for both companies and 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.

To date, OnDeck has provide more than $900 million in online financing to restaurants across the United States, Canada and Australia. 

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