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On Deck refreshes JPMorgan partnership, expects more interest from top banks

On Deck Capital Inc.'s expanded agreement with bank partner JPMorgan Chase & Co. should help the digital lender win more partnerships with large banks, executives say, as the company doubles down on offering its platform to power other institutions' loan growth.

On Deck started working with JPMorgan in late 2015 by providing the underlying technology for the bank's online, small-business lending solution. During a second-quarter earnings call, Chairman and CEO Noah Breslow highlighted On Deck's decision to extend the partnership for up to four more years. Breslow said the growth and performance of the initial "pilot" agreement led the two companies to expand the arrangement in terms of both time and scope.

The executive called the extension a "proof point" for the industry, and said he expects other large financial institutions to take note.

"We believe it's just a matter of time before other big banks begin adopting Chase's approach," Breslow said.

On Deck's pipeline of partners is strong and the company is in "serious discussions" with several top banks about partnerships like the one with JPMorgan, management said. The biggest holdup in those new partnerships is getting agreements signed, Breslow added, rather than regulatory or external constraints. He also pointed out that banks have been waiting to see how On Deck's relationship with JPMorgan progressed, but proof of its success should "spur more banks to action" in the coming year.

The updated JPMorgan agreement provides for additional product features that should attract borrowers, executives said, and the companies also hope to extend the reach of their marketing efforts to both JPMorgan customers and prospects. Breslow said On Deck is considering other new products, but the company is not ready to offer details on those discussions.

On Deck's management team also said it is still on track to reach GAAP profitability by the end of 2017. The digital lender continues to expect gross revenue between $342 million and $352 million for the year and adjusted EBITDA to be between $5 million and $15 million.

The company's shares were up more than 10% in Monday morning trading. The stock was up 11.57% to about $4.71 per share as of 10:52 a.m. ET.