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MYOB has signed an agreement with OnDeck Australia, a technology-enabled small business lender, to offer Australian SMEs a new lending solution.
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MYOB to integrate lending solution
21 April 2015
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As part of the agreement, MYOB will make the OnDeck lending solution available to its business users in the latter part of 2015.
Ondeck, launched in 2007, currently operates exclusively in North America and markets itself as a simple, fast and easy lending process for small business.
MYOB CEO Tim Reed said he is excited by the agreement, which he says shows MYOB's continued commitment to expanding its innovative offering for Australian SMEs.
“In 2014, MYOB was first to market with MYOB PayDirect; this year we’ve been first to market on MYOB Smartbills and now with OnDeck Australia, we are first to market in the provision of lending to SMEs. This means we will be able to offer easier access to critical funding for capital expansion or working capital,” Mr Reed said.
“This is all part of MYOB’s Australia-New Zealand focused strategy. By providing customised solutions for the local market we can deliver a suite of functionality that delivers on our promise to make clients' and partners’ business lives easier.
“We want to continue helping small businesses pay their employees; get paid by their customers and now, obtain critical funding to grow their business,” Mr Reed said.
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OnDeck CEO Noah Breslow said, “Australia will be our first market outside of North America and we are partnering with MYOB because they share our vision of making business life easier for SMEs. Added to this is their well-earned reputation as a leading business solutions provider with a focus on, and deep relationship with, ANZ customers and a culture and track record of innovation.”
The service will be available to SMEs within Australia in the latter part of 2015.
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