Shares in On Deck Capital slumped after the company said JPMorgan had decided it no longer needed the online lender’s help sourcing small-business loans. It’s a reality check for fintech upstarts, writes AntonyMCurrie.
JPMorgan is to stop originating small-business loans through its partnership with On Deck Capital, the online lender said on July 29. On Deck also released second-quarter results in which both loan provisions and its tax rate increased.
On Deck’s stock was down more than 25% at 3 p.m. EDT.México Últimas Noticias, México Titulares
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