Online lender OnDeck is involved in another securitization but this time it’s not the sponsor.

Filling those shoes is Jefferies Asset Funding, making its debut as a sponsor of a marketplace securitization.

The deal, called MarketPlace Loan Trust Series 2015-OD4, is backed by 2,357 small business loans totaling $151.2 million, according to a press release from Kroll Bond Ratings Agency.

It is split into ‘A’-rated Class A notes and ‘BBB’-rated Class B notes. The release didn't say how much was in each tranche.

OnDeck started lending in 2007. Cumulatively it has extended more than $3 billion in loans, covering over 700 industries, according to the company’s website. More than 45,000 businesses have borrowed from OnDeck.

The lender issued a $175-million securitization in early 2014.

There have been two main approaches to securitization in the marketplace lending world. Either the platform originating the loans acts as sponsor of the deal—as with bonds done by SoFi—or a third party purchases the loans and securitizes them itself. The latter has been the approach taken by asset managers sourcing loans from lenders such as Prosper and Lending Club, which basically function as purchasing platforms, brokering loans made by third party banks.

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