News

Upserve teams with OnDeck to speed financing to restaurants

July 17, 2019

Upserve, a restaurant management platform, will provide online financing options from OnDeck, an online lender to small businesses, under a partnership between the companies, according to a press release.

"Working directly with Upserve, we can now help restaurants when they are most in need," Andrea Gellert, chief revenue officer at OnDeck, said in the release. "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, Upserve's chief marketing officer, in the release.

The partnership 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 e-mail about the new financing option from Upserve couldn't have come at a better time," said Laurence Addeo, owner of Addeo's Pizza in Bronx, New York, in the release. "I am opening a second location and needed money for some small renovations. I figured let me give it a shot. The process was simple and not invasive, and I received my money fast. OnDeck and my advisor Carl were great. He was very thorough when going over the whole process. I am happy I followed up with the email and made the call. I'll be opening my second location soon."

To date, OnDeck has provided more than $900 million in online financing to restaurants across the U.S., Canada and Australia.