Small business lending platform On Deck files for IPO valued at up to $150 million

Small business lender On Deck on Monday filed for an initial public offering valued at up to $150 million.

On Deck Capital Inc. takes online loan applications from small businesses, assesses their creditworthiness, and in some cases it lends them money the same day. The New York company says it has lent more than $1.7 billion to 25,000 small businesses since 2007. It wants to list its shares on the New York Stock Exchange under the ticker symbol "ONDK."

The company did not disclose how many shares it might sell or when it intends to complete its IPO. It plans to use proceeds for working capital, sales and marketing and other general corporate purposes.

On Deck says its OnDeck Score gives it a better idea of a business's creditworthiness than traditional measurements. The score is based on data including customer bank activity, government filings, tax and census data and can also include online reputation and social media data.

Over the first nine months of 2014, On Deck reported a loss of $24.2 million on $107.6 million in revenue. It originated $788.3 million in loans over that time.