Company Presentation

May 2015
Forward-Looking Statements

This presentation, including the accompanying oral presentation (collectively, this “presentation”), does not constitute an offer to sell or the solicitation of an offer to buy any
securities. This presentation is provided by On Deck Capital, Inc. (“OnDeck”) for informational purposes only. No representations express or implied are being made by
OnDeck or any other person as to the accuracy or completeness of the information contained herein.
This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-
looking statements include statements about scalability, growing distribution channels, credit predictability and information concerning our future financial performance,
business plans and objectives, potential growth opportunities, financing plans, competitive position, industry environment and potential market opportunities. Forward-
looking statements can also be identified by words such as "will," "enables," "expects," "allows," "continues," "believes," "anticipates," "estimates" or similar expressions.
Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations and assumptions
regarding the future of our business, anticipated events and trends, the economy and other future conditions. Moreover, we do not assume responsibility for the accuracy
and completeness of forward-looking statements. As such, they are subject to inherent uncertainties, changes in circumstances, known and unknown risks and other
factors that are difficult to predict and in many cases outside our control.
As a result, you should not rely on any forward-looking statements. Our expected results may not be achieved, and actual results may differ materially from our
expectations. Important factors that could cause actual results to differ from our forward-looking statements are the risks that we may not be able to manage our anticipated
or actual growth effectively, that our credit models do not adequately identify potential risks, and other risks, including those under the heading “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2014 and in other documents that we file with the Securities and Exchange Commission, or SEC, from time to time
which are available on the SEC website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this
presentation to conform these statements to actual results or to changes in our expectations, except as required by law.
In addition to the U.S. GAAP financial information, this presentation includes certain non-GAAP financial measures. We believe that non-GAAP measures can provide
useful supplemental information for period-to-period comparisons of our core business and is useful to investors and others in understanding and evaluating our operating
results. These non-GAAP measures have not been calculated in accordance with U.S. GAAP. You should not consider them in isolation or as a substitute for an analysis of
our results under U.S. GAAP. There are a number of limitations related to the use of these non-GAAP measures versus their nearest GAAP equivalents. For example,
neither Adjusted EBITDA nor Adjusted Net (Loss) Income is a substitute for Net (Loss) Income. In addition, other companies may calculate non-GAAP financial measures
differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Adjusted EBITDA excludes some recurring costs, including interest expense associated with debt used for corporate purposes, non-cash stock-based compensation,
depreciation and amortization expense and fair value adjustment for our warrant liability. Therefore Adjusted EBITDA does not reflect interest expense, the non-cash
impact of stock-based compensation or working capital needs that will continue for the foreseeable future. Adjusted Net (Loss) Income excludes stock-based compensation
expense and warrant liability fair value adjustment which will continue for the foreseeable future and therefore will generally be more favorable than Net (Loss) Income
determined in accordance with GAAP. Please refer to the Non-GAAP Reconciliations at the end of this presentation for a description of these non-GAAP measures and a
reconciliation to Net (Loss) Income.

2
OnDeck Powers the Growth of Small Businesses
Through Lending and Technology Innovation

Card Quest Inc. Mojito Maintenance Furry Tales Doggy Daycare

Shannon Schofield Dan Gonzalo Lena Botwright

J.a.m.b.s Jewelry Seasons

Mark S. Desrochers Gerald Palumbo

3
A Leading Online Platform for Small Business Lending

Originations
$2 Billion+ total originations $MM

1,158

150%+ y-o-y originations growth in 2014

459 416
227
Scalable financial model
2013 2014 Q1 '14 Q1 '15

Gross Revenue
30,000+ small business served $MM

158
5th Generation proprietary credit scoring model
65 56
29
73 net promoter score
2013 2014 Q1'14 Q1'15

4
Investment Highlights

Massive and underserved market

Proprietary analytics and scoring models

Integrated and scalable technology platform

Diversified customer acquisition channels

Robust funding platform

Experienced management team

Attractive financial profile

5
Small Business Lending Market is Massive
and Underserved

$80-120Bn
Unmet
$80-120Bn
Demand for Small
Unmet
Business
Demand forLines
Small
of Credit
Business Lines
of Credit

28MM
U.S. Small Businesses $180Bn
Business Loan
Balances Under
$250,000 in
the U.S.
in Q4 ꞌ14

30K $0.7Bn
OnDeck Unique Small OnDeck Loans Under
Businesses Served Management1

Sources: U.S. SBA, FDIC, Oliver Wyman, How “New-Form Lending” Will Shape Banks’ Small Business Strategies, 2013
1. As of 03/31/2015; Loans under management represents the unpaid principal balance plus the amount of principal outstanding for loans held for sale, excluding net
deferred origination costs, plus the amount of principal outstanding of term loans the company serviced for others, each at the end of the period. 6
Diversity of Small Businesses Creates Challenges
for Traditional Lenders…
Cash Flow Profile
Restaurant

CHALLENGES FOR
TRADITIONAL LENDERS
Credit Card Rev. Cash Rev. Monthly Exp. Inventory & Payroll

Landscaping Company
• Diverse businesses require
manual underwriting
• Technology and data
Landscaping Rev. Snow Removal Rev. Monthly Exp. Fuel & Payroll limitations
Plumbing Company
• Lack of standardized small
business credit score

Repair Rev. Subcontractor Rev. Monthly Exp. Supplies & Payroll

Q1 Q2 Q3 Q4

7
…Leading to a Frustrating Borrowing Experience
for Small Businesses

FRUSTRATIONS FOR
SMALL BUSINESSES

• Time consuming offline process

• Non-tailored credit assessment
• Product mismatch
• Rigid collateral requirements

8
The OnDeck Score®
Proprietary and Purpose Built for Small Business

5th Generation Transactional

proprietary credit scoring model Data Score

Public Proprietary Data

100+ Credit
Records Analysis Platform A
external data sources Data • Probabilistic record linkage
• Dimensionality reduction B
• Ensemble learning

Risk Grading
Proprietary • Exhaustive cross validation
10 Million+ C
Data • Feature engineering
small businesses in proprietary database • Adaptive learning
D
Social
Data
Accounting
E
2,000+ Data
data points per application
F

9
We Rely on the OnDeck Score for Greater Accuracy,
Predictability and Access
More Accurate than the Personal Credit Score Resulting in Funding Significantly More
at Predicting Bad Credit Risk1… Loans for the Same Risk…
100%
90% 40
% of Defaults Eliminated

20

10

10%
0%
100% 40% 20% 10% 0% Random Personal Credit OnDeck Score
Score
Acceptance Rate (%)

OnDeck Score Personal Credit Score Random

1. Analysis on OnDeck Score v5 using actual OnDeck loan performance data.
10
The OnDeck Solution for Small Business Lending

Apply Approve Fund

Automated
Online Review As Fast As
Minutes1 As Fast As Same Day
Immediately3

Traditional Offline Manual Several

Lending 33 Hours2
Review Days
Weeks or Months

1. Application time depends on customer having the required documentation available.

2. Source: Small business survey conducted by the Federal Reserve Bank of New York, Spring 2014
3. Approximately 1/3 of customers are subjected to secondary, manual review process.
11
Tailored Products for Small Businesses

Term Loan Line of Credit

(Launched in 2007) (Launched in September 2013)

Hiring
Buying
Use Case Inventory
New Marketing Managing Cash Flow
Staff

Size $5,000 – $250,000 $5,000 – $25,000

Term 3 – 24 months 6 months

Average monthly “cents-on-dollar” of 2.15¢

Pricing1 Average 36% APR
Average 49% APR

Payment Automated daily or weekly payments Automated weekly payments

Availability Renewal opportunity at ~50% paid down Draw on-demand

1. Based on Q1 ꞌ15.
12
Established and Diverse Customer Base

$570,000 7.5 Years

Median Annual Revenue Median Time in Business

700+ 30,000+
Small Businesses Served
Industries
in all 50 U.S. states

13
Integrated and Scalable Technology Platform

Data Technology
Online Powered
Aggregation,
Customer Servicing &
Analytics
Experience Collections
and Scoring

$2 Billion+ 50,000+ 5 Million+

Total Originations Total Loans Customer Payments

14
Diversified and Growing Distribution Channels

Channel Mix 1Q 2015

14,920

5,758
1,276
Direct 77%
2012 2013 2014

3,870

Strategic 1,346
437
Partners
2012 2013 2014
8,131 23%
5,955
3,731
Funding
Advisors
2012 2013 2014
Direct and Strategic Partners Funding Advisors

Numbers represent loan units.

15
Robust Funding Platform

OnDeck
Marketplace® Diversified

Scalable
Securitization
Durable

Low-cost
Warehouse
Lines
Capital-efficient

Funding mix is shown as of March 31, 2015 based on the outstanding debt by funding source and Marketplace unpaid principal balance.
16
Consistent Portfolio Performance Over Time

Net Charge-offs by Cohort1

9.0%
6.4% 6.9% 6.7%
5.5% 5.5%
4.4% 3.7%

0.0%
2 2 2
2007 2008 2009 2010 2011 2012 2013 2014 2015

1. Percentage of dollars loaned that are charged off.

2. As of 03/31/15, principal balance still outstanding was 0% for all cohorts except the 2013, 2014 and 2015 cohorts, which had principal outstanding of 0.7%, 27.2% and 87.8%,
respectively.
17
Growth Strategy

Brand and direct

Product expansion
marketing

Extend customer
Strategic partnerships
lifetime value

Data and analytics International expansion

18
Industry Leading Management Team and Investors

Management Team Team Experience

Noah Howard James
Breslow Katzenberg Hobson
CEO CFO COO

Pamela Paul Krishna

Rice Rosen Venkatraman
Technology Sales Data & Analytics

Cynthia Andrea Zhengyuan

Chen Gellert Lu
Risk Marketing Capital Markets

Board of Directors
James Robinson III Ron Verni Jane J. Thompson
RRE Ventures Sage Software Walmart Financial Services
American Express CFPB Advisory Board

David Hartwig Sandy Miller Neil Wolfson

Sapphire Ventures Institutional Venture Partners SF Capital Group

19
Financial Highlights

Rapid growth

Compelling customer lifetime value

Capital light funding model

Demonstrated operating leverage

20
Rapid Originations Growth

($MM)

1,158

459
416

227
173

2012 2013 2014 Q1 '14 Q1 '15

21
Strong Gross Revenue Growth

($MM)

158

65
56

26 29

2012 2013 2014 Q1 '14 Q1 '15

22
Illustrative Loan Economics

Revenues Expenses

Origination Fee
Acquisition

-–
Processing
and Servicing Loan

Interest Income
Funding Costs
= Profit

Losses

23
Compelling Customer Lifetime Value

Customers Acquired in Q1ꞌ13

• Average 2.4 loans per customer in 9 quarters $0.9
• $3.7MM in interest still outstanding $1.4 3.2x+
$1.6 ROI
2.2x
ROI $1.4 or

$1.1 $16.2
Return3
($MM) $1.5
after
$1.9 9 quarters

$3.7

$5.0
$5.0
Investment
$2.8

Acquisition
Contribution2 +2Q +3Q +4Q +5Q +6Q +7Q +8Q +9Q To Date
Cost1

Q1 ꞌ13
1. Includes upfront internal and external commissions as well as direct marketing expenses.
2. Contribution is defined to include interest income and fees collected on initial and repeat loans, less acquisition costs for repeat loans, less the following items for both initial and
repeat loans: estimated third party processing and servicing expenses, estimated funding costs (excluding any cost of equity capital) and charge offs. For this purpose, processing
and servicing expenses are estimated based on the mix of new and renewal originations and outstanding principal balances.
3. Figures may not foot due to rounding.
24
 Direct & Strategic Partner Channels Driving Higher Returns

Customers Acquired in Q1 ꞌ13

Loans per Customer1 Cash Yield2 Annualized ROA3

2.8 24%
65%
2.4 60%
54%
2.0 23%

22%

Direct / All Channels Funding Direct / All Channels Funding Direct / All Channels Funding
Strategic Advisor Strategic Advisor Strategic Advisor
Partner Partner Partner
1. Average number of loans
2. Total cash interest and origination fee collected divided by the quarterly average Unpaid Principal Balance, or UPB, outstanding of the cohort from inception though Q1 2015. Average UPB is
calculated by averaging UPB at inception with UPB at the last day of each quarter in the 9 quarter period.
3. Annualized Return on Assets, or “ROA,” for the cohort over the 9 quarters from Q1 2013 through Q1 2015. Annualized ROA is defined as Cumulative Net Return on an annualized basis
divided by the average UPB outstanding of the cohort from inception through Q1 2015. Cumulative Net Return equals cumulative Contribution including Acquisition Cost as defined on prior
slides. Average UPB is calculated as descripted in the prior footnote. 25
 Economies of Scale Driving Higher Returns
Customers Acquired in Q1 ꞌ13 and Q1’14 Through 5 Quarters
• At comparable seasoning points, Q1’14 shows improved returns despite lower pricing

ROI on Acquisition Cost Cash Yield1 Annualized ROA2

67%
2.9x
61% 61% 23%
2.5x
22%
2.2x 21%
52% 20%
1.9x

2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014
Direct /Strategic All Channels Direct /Strategic All Channels Direct /Strategic All Channels
1. Total cash interest and origination fee collected divided by the quarterly average Unpaid Principal Balance, or UPB, outstanding of the cohort from inception though the first 5 quarters of the
cohort. Average UPB is calculated by averaging UPB at inception with UPB at the last day of each quarter in the 5 quarter period.
2. Annualized Return on Assets, or “ROA,” for the cohort over the first 5 quarters of the cohort life. Annualized ROA is defined as Cumulative Net Return on an annualized basis divided by the
average UPB outstanding of the cohort from inception through the first 5 quarters of the cohort life. Cumulative Net Return equals cumulative Contribution including Acquisition Cost as
defined on prior slides. Average UPB is calculated as descripted in the prior footnote. 26
Demonstrated Operating Leverage

Cost of Revenue Operating Expenses

81% 84%

68%
61%
54%
51%

2012 2013 2014 2012 2013 2014

Sales & Marketing Technology & Analytics

Funding Costs Provision for Loan Losses
Processing & Servicing General & Administrative

Figures are based on a percentage of gross revenue.

27
Adjusted EBITDA and Adjusted Net Loss

($0.2)
($1.8)
($3.3)
($4.6)
($5.8)
($6.9)

($16.3)

($20.2)

2013 2014 Q1 ꞌ14 Q1 ꞌ15

Adjusted EBITDA Adjusted Net Loss

See appendix for a reconciliation of these non-GAAP measures.

28
Investment Highlights

Massive and underserved market

Proprietary analytics and scoring models

Integrated and scalable technology platform

Diversified customer acquisition channels

Robust funding platform

Experienced management team

Attractive financial profile

29
APPENDIX

1
Customer Lifetime Value Has Increased Q1’14 vs Q1’13

Customers Acquired in Q1ꞌ14

• Q1‘14 cohort outperforming Q1 ‘13 with an ROI of 2.5x $3.4
after 5 quarters
2.5x+
$4.2 ROI

($MM) or
$4.2 $30.5
Return3
after
5 quarters
$9.7

$12.2 $12.2
$9.1 Investment

Acquisition
Contribution2 +2Q +3Q +4Q +5Q To Date
Cost1

Q1 ꞌ14
1. Includes upfront internal and external commissions as well as direct marketing expenses.
2. Contribution is defined to include interest income and fees collected on initial and repeat loans, less acquisition costs for repeat loans, less the following items for both initial and
repeat loans: estimated third party processing and servicing expenses, estimated funding costs (excluding any cost of equity capital) and charge offs. For this purpose, processing
and servicing expenses are estimated based on the mix of new and renewal originations and outstanding principal balances.
3. Figures may not foot due to rounding.
31
Appendix: Non-GAAP Adjusted EBITDA Reconciliation

Year Ended Three Months Ended

Adjusted EBITDA
December 31, March 31,

(000s) 2013 2014 2014 2015

Net (Loss) Income ($24,356) ($18,708) ($13,717) ($5,343)

Adjustments:

Corporate Interest Expense 1,276 398 157 106

Income Tax Expense – – – –

Depreciation and Amortization 2,645 4,071 878 1,378

Stock-Based Compensation Expense 438 2,842 233 2,042

Warrant Liability Fair Value Adjustment 3,739 11,232 6,632 –

Adjusted EBITDA ($16,258) ($165) ($5,817) ($1,817)

Adjusted EBITDA represents our net income (loss), adjusted to exclude interest expense associated with debt used for corporate purposes (rather than funding costs associated with
lending activities), income tax expense, depreciation and amortization, stock-based compensation expense and warrant liability fair value adjustment. EBITDA is impacted by changes
from period to period in the fair value of the liability related to preferred stock warrants. Management believes that adjusting EBITDA to eliminate the impact of the changes in fair value
of these warrants is useful to analyze the operating performance of the business, unaffected by changes in the fair value of preferred stock warrants which are not relevant to the
ongoing operations of the business. All such preferred stock warrants converted to common stock warrants upon initial our initial public offering in December 2014.
32
Appendix: Non-GAAP Adjusted Loss Reconciliation

Year Ended Three Months Ended

Adjusted Net Loss
December 31, March 31,

(000s) 2013 2014 2014 2015

Net Loss ($24,356) ($18,708) ($13,717) ($5,343)

Adjustments:

Stock-Based Compensation Expense 438 2,842 233 2,042

Warrant Liability Fair Value Adjustment 3,739 11,232 6,632 –

Adjusted Net Loss ($20,179) ($4,634) ($6,852) ($3,301)

Adjusted net loss represents our net income (loss) adjusted to exclude stock-based compensation expense and warrant liability fair value adjustment, each on the same basis and with the
same limitations as described before for Adjusted EBITDA.
33