Online marketplace lender OnDeck Capital has launched a new platform to better enable institutional investors to buy small business loans OnDeck originates.

The general availability of OnDeck Marketplace comes after a one-year pilot program with a group of inaugural institutional investors, including asset managers, hedge funds and business development companies. To use the platform, each institutional investor opens its own OnDeck Marketplace account, purchases loans on a programmatic basis, and then receives daily principal and interest payments from the loans it owns. OnDeck services the loans institutions purchase.

"Institutional investors have been seeking a platform to gain credit exposure to Main Street business loans at scale," Noah Breslow, chief executive officer of the online lending company, said in a release. "OnDeck Marketplace is a natural extension of the increased predictive power of our OnDeck Score, and further diversifies the company’s sources of revenue and capital."

The sale of small business loans to institutions is one of the tactics online marketplace lenders have discussed growing their business. OnDeck also recently began securitizing its non-Small Business Administration loans.

OnDeck will use Score, the small business credit reports it generates from collected data, to set prices for loans in the Marketplace platform. 

OnDeck's new platform launch follows last month's successful initial public offering, and the increased pressure for steady growth that comes with it. OnDeck ended its first day of public trading valued close to $1.8 billion.