Wave, a Toronto-based startup in financial services and software for small businesses, has recruited OnDeck, an online lending company for small business, to help it begin “Lending by Wave.” The new service offering will allow Wave to give OnDeck business loans and lines of credit to its customers in the United States and Canada.

Via the partnership, Wave will use OnDeck’s online small business lending platform to allow its customers to access OnDeck loans within the Wave ecosystem.

“Cash flow and access to capital are essential for small businesses to grow, but often hard to get, because traditional financial institutions can't serve this segment effectively,” said Kirk Simpson, CEO and co-founder of Wave, in a statement. He added that this partnership aims to address that need.

Wave was launched in 2010, and now has 2.3 million global customers primarily in the United States, Canada and Australia.

CEO of Wave Kirk Simpson speaks at the FintechTO conference in Toronto in December 2016.
CEO of Wave Kirk Simpson speaks at the FintechTO conference in Toronto in December 2016.

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