KBRA has assigned preliminary ratings to four classes of Series 2026-1 notes totaling $500.02 million issued by OnDeck Asset Securitization IV, LLC. The transaction, ODAS IV 2026-1, is OnDeck's eleventh small business ABS securitization and is secured by a revolving pool of receivables underwritten under OnDeck's credit guidelines and originated through the OnDeck Platform to small businesses in the U.S. The notes feature a revolving period ending on the earlier of the close of business on September 30, 2028 or the date an Amortization Event occurs, and proceeds will fund the Series 2026-1 reserve account and purchase fixed-rate small business loans that are either Term Loans or funded portions of LOCs originated through the OnDeck Platform. OnDeck, founded in 2006, is a wholly owned subsidiary of Enova International, Inc., a publicly traded fintech company under the ticker ENVA, and has originated over $29 billion to over 206,000 small businesses since its founding, with 388 dedicated personnel as of July 2026. KBRA applied its Global General Rating Methodology for Asset-Backed Securities and its Global Structured Finance Counterparty Methodology, categorizing the deal as Category 1 – Financial Assets, and will review operative agreements and legal opinions prior to closing.
Enova International IncOnDeck, Enova's wholly owned subsidiary, priced a $500.02M small business ABS securitization, providing fresh funding capacity for its lending platform.
ONDECK Co., Ltd.