Both companies focus on assisting small businesses, and the partnership is a step forward for Canadian businesses, especially the retail, restaurant, and e-commerce companies that can now acquire OnDeck financing to support their investment in the Lightspeed point of sale (POS) system.
“We are very pleased to be partnering with Lightspeed, an innovative technology company that is enabling businesses to improve their customer experience on all channels,” said Gary Fearnall, Country Manager, OnDeck Canada. “Since 2014, OnDeck Canada has been focused on providing the right operating capital solutions to allow for investments in critical initiatives such as technology and hiring, and this partnership will continue to strengthen our connection to the retail and hospitality industries.”
The loans provided by OnDeck will also enable Lightspeed clients to take advantage of growth opportunities such as buying inventory, purchasing equipment, and boosting their customer experience.
“Lightspeed is laser focused on improving the competitiveness of independent businesses across North America, and for us this partnership makes perfect sense,” said JP Chauvet, President of Lightspeed. “In part, it gives us the opportunity to help our clients access our Omnichannel solution which can help improve their customer experience exponentially.”
To date, OnDeck’s lending technology has enabled it to deliver more than $6 billion dollars in capital to over 60,000 businesses across the United States, Canada, and Australia. In February, they partnered with Toronto-based Wave to streamline and automate the lending process within Wave’s platform, which provides entrepreneurs with accounting, payroll, and invoice software to run their small businesses.
“Among other strategic partnerships set to take shape in 2017, our work with Lightspeed and recent partnership with financial services company Wave, demonstrate our on-going commitment to the small business owners across North America and our genuine desire to see them succeed,” said Gary Fearnall.
Launched in 2005, Lightspeed is a cloud-based commerce solution for independent businesses, in-store and online. More than 45,000 retailers and restaurateurs processing over $15 billion in transactions annually use Lightspeed to manage their entire business. They recently partnered with five new restaurants in North America, including Agrikol, A trendy Caribbean restaurant owned by Arcade Fire’s Régine Chassagne and Win Butler.