WEX Inc. will offer OnDeck small-business financing to its customers under a new partnership announced Jan. 18, according to the companies.
Under terms of the agreement, WEX customers will gain access to OnDeck loans of up to $500,000 and lines of credit of up to $100,000. Qualifying customers will be able to use the OnDeck financing to invest in their business' growth, manage cash flow or finance their purchase of WEX products and services.
"Our partnership with OnDeck will be a huge benefit to our small to mid-sized business customers who will now have access to new sources of financing," said Brian Fournier, WEX's vice president of fleet channel partners. "The strategic partnership will enable these customers to take advantage of OnDeck's leading portfolio of products and services."
WEX provides corporate payment solutions representing more than 10 million vehicles and offers exceptional payment security and control across a wide spectrum of business sectors. The company and its subsidiaries employ more than 2,500 associates who provide services in the Americas, Europe, Australia, and Asia.