The New York-based company, which makes loans of up to $250,000, counts First Round Capital, Google Ventures, Institutional Venture Partners, Tiger Global Private Investment Partner and SAP Ventures among its stockholders.
The traditional banking system has been hurt by the high underwriting and servicing costs associated with lending to small businesses, creating an opportunity for non-traditional lenders to cater to the demand for alternative financing.
LendingClub Corp, the world’s largest online marketplace directly connecting borrowers and investors, also filed for an IPO in August.
On Deck Capital had received about $180 million in equity plus more than $300 million in debt financing as of March.
The company’s interest income more than doubled to about $63 million for 2013. Net loss attributable to common stockholders widened to $37.08 million from $20.2 million.
On Deck Capital named Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith, JP Morgan Securities and Deutsche Bank Securities among underwriters to the IPO.
On Deck Capital intends to list its common stock on the New York Stock Exchange under the symbol “ONDK”.
The IPO filing, which included a nominal fundraising target of about $150 million, did not reveal how many shares the company planned to sell or their expected price.
On Deck Capital plans to use the proceeds from the IPO for general corporate and investment purposes.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.