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On Deck raises $42 million in VC

Thursday - 2/14/2013, 8:42am  ET

New York-based On Deck, a small business lender with a loan operations center in Arlington, raised $42 million in Series D growth financing led by new investor, Institutional Venture Partners (IVP), the company announced Wednesday.

Existing investors RRE Ventures, SAP Ventures and First Round Capital also participated in the round.

On Deck lends money to small businesses online.

According to the company, the money will be used to "accelerate growth through: continued technology innovation; breakthrough new product development; increased marketing to reach more small business owners; and expanded access to wholesale funding sources."

© 2013 American City Business Journals, Inc.