OnDeck Australia

April 2015

Forward-Looking Statements

2

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 the prospects for our expansion to Australia and the anticipated timing of commencement of our Australian lending activities, 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 the commencement of Australian lending activities may take longer than currently anticipated, that

the potential Australian customers are less inclined to borrow from us than currently expected, 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 described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December

31, 2014 and described 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, Adjusted EBITDA is not 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.

Summary of OnDeck’s International Expansion Strategy

3

Leverage domestic experience and technology platform to establish

early mover advantage

Generate sustainable and high-quality, long-term growth

Utilize focused, strategic approach to establish and scale international

operations while optimizing risk/reward

Position OnDeck for continued leadership in selected markets

Target markets with good data, credit and payment infrastructure,

significant unmet demand and strong predisposition to online channel

OnDeck Australia Overview

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Ability to leverage existing credit models and technology platform for

efficient and scalable market penetration

Experienced CEO with strong e-commerce background

Compelling market opportunity with significant unmet demand

Partnering with group of credible, local entrepreneurs and investors

Strategic partnership with MYOB, leading SMB accounting software

provider in the region

OnDeck Australia Investment1

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OnDeck owns 55% stake, MYOB owns 30% stake, and local group

owns 15% stake at close

Initial funding facility of approximately $7.7 million, anticipated to be

provided by OnDeck

Up to $23.0 million aggregate investment from OnDeck, MYOB and

local investor group

Initial $15.3 million funding to follow shortly after closing in 2Q 2015

1 Entity funded in AUD. Conversion to USD for illustrative purposes only, which assumes recent AUD currency conversion rate of 0.7674 USD.

OnDeck Australia Partners

Source: MYOB Group Limited Prospectus

Investor Group

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Majority owner with 55%

stake

$8.4 million initial investment;

$4.2 million potential follow-

on

Market leading SMB

technology, data and credit

analytics platform

8+ years of small business

lending experience

$2.0+ billion of total

originations

500+ FTEs, HQ’d in New

York City

Minority owner with 30%

stake

$4.6 million initial investment;

$2.3 million potential follow-

on

SMB-focused accounting

software provider with 60-

65% market share

1.2+ million SMB users in

Australia & New Zealand

AUD$299 million FY’14

Revenue

1,110 FTEs, HQ’d in

Melbourne, Australia

Minority owner with 15%

stake

$2.3 million initial investment;

$1.2 million potential follow-

on

Operational and local market

expertise

Strong technology and

financial services network

Includes participation from

OnDeck Australia CEO

Entity funded in AUD. Conversion to USD for illustrative purposes only, which assumes recent AUD currency conversion rate of 0.7674 USD.

Cameron Poolman, CEO of OnDeck Australia

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Strong focus on small business as part of Grays Industrial segment,

with over AUD$300 million annual sales volume

Mechanical Engineer with a Masters in Business

Founder and CEO of Grays Online, one of Australia’s largest e-

commerce groups

Grew the company to over AUD$500 million in sales volume and >2

million unique visitors per month to its websites

The Australia Opportunity

Large & Growing Market

Australian population ~23 million; GDP ~$1.6

trillion

~2 million SMBs account for 68% of all industry

employment and 56% of industry gross value

added

237,800 new SMBs formed in Australia during the

12 months ended June 2013

Availability of electronic credit/banking data and

sophisticated financial technology infrastructure

No significant, established direct competitors

Significant SMB Lending Opportunity

For balances under $410k, there were ~$33 billion

in total originations during 2014 and ~$98 billion in

total outstanding balances as of Dec 31, 20141

61% of SMB owners said “conditions of credit”

were a barrier to growth and 51% said availability

of credit was a barrier

About 44% of SMBs that applied for new credit

were unsuccessful

Only 50-55% of SMB owners expect to receive

external financing from banks in the next 12

months

Sources: Australian Bureau of Statistics, Worldbank, Scottish Pacific SME Growth Index, East & Partners survey, “Seeking synergy in SME financing” by Dr. Ian Ronald

Freeman, CPA Australia Asia-Pacific Small Business Survey, Reserve Bank of Australia1 Conversion to USD for illustrative purposes only, which assumes AUD currency conversion rate as of 12/31/14 of 0.8156 USD. 8

Financial Considerations for OnDeck1

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Expect OnDeck Australia loan originations to commence 2H 2015

Expect OnDeck Australia to generate minimal revenue and have an

incremental negative impact in the low single digit millions to

consolidated company’s Adj. EBITDA in 2015

Consolidation method of accounting for majority stake

Anticipate loan portfolio to be initially funded via additional $7.7 million

OnDeck debt facility; diversified, third-party funding sources

anticipated to follow

1 OnDeck will provide an update to its quarterly and annual financial guidance when the company reports first quarter 2015 earnings results.

Entity funded in AUD. Conversion to USD for illustrative purposes only, which assumes recent AUD currency conversion rate of 0.7674 USD.

Summary of OnDeck’s International Expansion Strategy

10

Leverage domestic experience and technology platform to establish

early mover advantage

Generate sustainable and high-quality, long-term growth

Utilize focused, strategic approach to establish and scale international

operations while optimizing risk/reward

Position OnDeck for continued leadership in selected markets

Target markets with good data, credit and payment infrastructure,

significant unmet demand and strong predisposition to online channel