The receivable exists before the invoice does.
Lenderwize originates short-dated receivables across the metered digital economy: wholesale voice and messaging, connectivity, cloud and usage-billed platforms. Every advance is made against delivery the debtor's own systems have already reported and pre-agreed to pay; every unit of deployed capital moves inside a security perimeter you hold and can close. The book is deepest, deliberately, in wholesale telecommunications: one of the most demanding verification environments in B2B receivables.
This asset class has to prove itself. So we start there.
Receivables finance has lost institutional capital in ways that were, in hindsight, structural rather than unlucky: obligations that could not be evidenced, funding advanced against trade that had not happened, collections that sat in the originator's own accounts, and a single party holding every lever. Those are the objections. Each one is answered below by something in the documentation, not by a promise.
| Where this asset class has failed | How the Lenderwize programme is built |
|---|---|
| Receivables that could not be evidenced. Obligations documented by the party seeking finance, verifiable only by asking that same party. | Delivery is reported by the debtor's own switch or platform, to an independent mailbox we control, before any advance is made. The seller does not produce the evidence on which it is funded. |
| Funding against future or prospective trade. Advances made on business expected to occur rather than business that has. | We fund delivered service only. The receivable arises on service delivery under the carrier agreement, not on invoice issuance; the invoice is a record and a demand, and it reconciles to traffic already reported. |
| Disputes and dilution surfacing after funding. Credit notes, offsets and reconciliation arguments eroding a pool already advanced against. | Before onboarding, each debtor signs a one-time confirmation making its reported traffic a binding, non-disputable payment obligation into a designated account. Dilution is removed at the contract, not provisioned for after the event. |
| Collections commingled with operating cash. Funds passing through the originator's balance sheet, with priority contested if it fails. | Every party holds a segregated wallet in its own name and each debtor pays to a unique virtual account number. There is no common pot to trace and no moment at which your collections are our cash. |
| One party holding every lever. Origination, servicing, cash movement and reporting concentrated in the borrower, verified only by what it chose to send. | You approve each weekly capital release, hold live API and read-only access across every wallet, and can revoke our operating access without notice. The monthly interest figure is reconciled by an independent cash manager before it is paid to you. |
| A structure resting on one credit insurer. Cover withdrawn, and the whole book repriced overnight. | Credit insurance is a mandatory eligibility condition on every receivable, and it is the last line rather than the only one. The debtor confirmation, the security package, the concentration limits and the seller deposit each sit in front of it. |
What you are actually buying exposure to.
A metered service delivered continuously between two commercial counterparties, measured by the buyer, confirmed as payable by the buyer, and settled within sixty days. Four properties do the work.
Verified at source, not self-declared
Volumes and rates come from the debtor's own systems on a daily reporting cycle, into an independent mailbox. Every billable event in wholesale voice and messaging generates a rated record; this is one of the few B2B trade flows instrumented at event level. The evidence trail exists whether or not anyone asks for it.
Pre-confirmed as non-disputable
The debtor signs a single confirmation at the outset acknowledging that reported traffic is a binding payment obligation, payable to a designated account, and not subject to dispute or set-off. This is the commercial anchor of the programme and it is not softened for volume.
Short-dated and self-liquidating
Maximum sixty-day terms, weighted average invoice size around USD 100,000, no bullet risk and no reliance on refinancing. The pool turns over continuously, which means exposure is a function of current origination discipline rather than of decisions made years ago.
Legally isolated before it is funded
Receivables are legally assigned to a bankruptcy-remote SPV, with notice to the debtor where applicable, and must be free of dispute, offset claim or fraud indicator at the purchase date. A minimum ten per cent seller deposit sits beneath your advance on every transaction.
The receivable arises on service delivery, not on invoice issuance. That single point separates this programme from invoice finance. An invoice-triggered receivable is a claim about work; a delivery-triggered receivable is a record of it, produced by the party who owes the money. It is also why funding can be released daily rather than waiting for a period-end billing run.
Two tiers. One crossing point. You hold it.
Conventional security instruments do not map cleanly onto modern payment infrastructure, and pretending otherwise produces documents that cannot be enforced. We separate the two: a traditionally pledged bank account for security, an electronic money institution layer for operations, and English law security over both. Step through a full cycle.
Your commitment is held in a pledged SPV bank account at a bank of your choosing, subject to charge, pledge and assignment. Nothing is deployed until you approve it, and interest accrues on deployed capital only.
Capital moves into the operating layer only on your weekly approval, sized to the borrowing base against a funding projection provided in advance. Anything that remains unallocated returns automatically to the secured account, so capital is never parked outside the conventional perimeter.
An eligible receivable is purchased and the advance released to the seller’s own segregated wallet, with the servicing fee separated in the same movement. The service has already been delivered, reported by the debtor’s systems and pre-confirmed as payable.
Each debtor settles to a unique virtual account number resolving to the SPV collection wallet. Every party holds a wallet in its own name inside the deed of charge; there is no common pot, and no moment at which your collections are our cash.
The priority of payments is hard-coded to facility terms under change control. Collections recycle into new eligible receivables; interest is independently reconciled by the cash manager before distribution, and every allocation is tagged and visible to you in real time.
Capital sits under a conventional security package
Your commitment is held in a pledged SPV bank account at a bank of your choosing, subject to charge, pledge and assignment. Nothing is deployed until you approve it, and interest accrues on deployed capital only.
Because the operating layer is where control is actually needed
A pledged bank account secures capital at rest. It does nothing about the moment funds move to a seller, or about who can move them. Placing the operating layer inside an electronic money institution gives per-party segregated wallets, a virtual account number per debtor, programmatic distribution and a complete audit trail at the time of transfer, all inside an English law deed of charge, with an acknowledgment letter fixing how the institution will act on notice.
Because the instrument has to match the counterparty
An electronic money institution is not a deposit-taking bank, and account control agreement drafting does not attach cleanly to it. The enforceable equivalent is a deed of charge over the wallets together with an acknowledgment letter from the institution and a servicer power of attorney. That combination gives the security agent and any replacement servicer control on enforcement. It is the position agreed with our current senior lender and its counsel.
Control that does not depend on trusting us.
Every control below is exercisable by you directly, without our cooperation and without notice to us. None of them requires you to believe a report we wrote.
| Control | Where it sits | How you exercise it |
|---|---|---|
| Weekly capital release approval | Tier 1 → Tier 2 | Capital leaves the pledged account only on your approval, against a borrowing base and a funding projection provided in advance. This is the single crossing point in the structure. |
| Conventional security package | Tier 1 | Charge, pledge and assignment over the pledged SPV account, plus debenture and share pledge at the obligor level. Documented the way your counsel expects. |
| Deed of charge and acknowledgment | Tier 2 | English law security over every wallet in the perimeter, with a written acknowledgment from the institution fixing how it acts on notice. |
| Live API and dashboard visibility | Tier 2 | Real-time sight of every wallet, balance and transaction, with each transfer metadata-tagged by type at the moment it occurs. |
| Read-only account access | Both tiers | Independent of anything we report to you. You can reconcile the portfolio without asking us for a file. |
| Right to revoke platform access | Tier 2 | Our operating access is via authorised API only, scoped to transactions the facility permits. You can withdraw it at any time, without notice. |
| Automatic idle capital return | Tier 2 → Tier 1 | Funds left unallocated in the operating layer return automatically to the secured account within a defined window, so capital is never parked outside the conventional security perimeter. |
| Independent reconciliation | Reporting | A third-party cash manager reconciles and confirms the monthly interest figure before distribution, and signs off an independent reporting overlay so the pack is not solely self-reported. |
| Enforcement step-in | Standing | Deed of charge, acknowledgment letter and servicer power of attorney give the security agent and any replacement servicer control of the accounts on enforcement, without renegotiation. |
| Quarterly independent audit | Reporting | Big Four borrowing base audit each quarter, in addition to the monthly cycle. |
The priority of payments is hard-coded to facility terms under change control; it cannot be altered unilaterally by the servicer. The platform applies it automatically on every allocation. The cash manager and the quarterly auditor verify the application rather than re-perform it, and you can check any allocation yourself through the API. In an operating layer with no account bank to sit in the middle, that combination is what replaces the account bank's independence.
Underwritten the way you underwrite.
The parameters below are those of the senior secured facility currently in place. They are set out here because a credit analyst should be able to form a preliminary view before speaking to anyone. Terms for a new facility are negotiated; these are the reference point, not a ceiling.
- D
Borrowing base
Calculated continuously and shown daily across the collection period to the extent technically available.
- M
Portfolio performance report
Full receivable tape with stratifications, performance analysis, KPIs, warehouse exposure by currency, cash flow reconciliations and covenant computations.
- M
Management accounts and board pack
At the servicer and parent level, alongside the portfolio pack.
- Q
Big Four borrowing base audit
Independent quarterly verification of the base you are lending against.
- ∞
Live API and dashboard
Available at any time, independent of the reporting cycle, with read-only account access alongside it.
We would rather put these in front of you than have you find them in week three of diligence.
- 01
The book is concentrated in one sector
Wholesale telecommunications is the deepest part of the portfolio by design; it is where verification is strongest. Diversification into adjacent metered services is phased and capped, and tested against performance rather than assumed.
- 02
Volume processed is not the same as seasoning
USD 1bn+ is cumulative throughput on the platform. The static pool data, vintage curves and dilution history that let you underwrite that number properly are in the data room, not on this page.
- 03
Telecom's real loss vector is fraud, not default
Artificially inflated traffic and revenue share fraud are live issues across the industry. We address them at the eligibility gate and in traffic screening rather than treating them as somebody else's problem; the detail is in section 06.
- 04
The recovery rate is not a settled number
99.8 per cent is recovery on funded receivables since launch. Part of the book is always within term, so the figure will move. The definition, and the loss and recovery history behind it, are in the data room.
The metered digital economy, instrumented at event level.
Any service billed on measured consumption produces a receivable that can be verified the way we verify it: messaging, wholesale voice, connectivity and transit, cloud and infrastructure, usage-billed software. These markets settle bilaterally, reconcile from rated event records, and generate the evidence a credit fund needs as a by-product of the trade itself. Most credit funds have never underwritten them, which is precisely where the spread lives.
Billed by the unit, evidenced by the unit
Every billable event in a metered service, a message, a minute, a gigabyte, an API call, produces a rated record at the moment of delivery. The evidence a lender needs exists as a condition of the trade happening at all, which is the opposite of most trade finance, where evidence is assembled after the fact by the party seeking funding.
Wholesale telecommunications
Carriers buy and sell traffic from each other continuously under interconnect agreements, so every counterparty is also a customer. That mutual dependence is a powerful payment incentive: a carrier that stops paying loses termination routes it needs to serve its own customers. Default is commercially expensive in a way it is not in ordinary trade credit.
Fraud, not counterparty credit
Industry bodies put annual telecoms fraud losses in the tens of billions of dollars, driven by artificially inflated traffic and revenue share fraud. This is the risk that matters here, and it is why verification runs to the debtor's own reporting, why fraud tolerance is a zero covenant, and why suspect traffic fails eligibility rather than being priced.
Why the book is deepest in telecommunications
Deliberately, and openly. We started in wholesale voice and messaging because it is one of the most demanding verification environments in B2B receivables; a model that holds there transfers outward, and the reverse is not true. Concentration is managed rather than hidden: limits by debtor, seller and country are tested monthly on outstanding balance.
Expansion into adjacent metered verticals, messaging platforms, cloud and connectivity, connected device data, usage-billed software, is phased, capped by concentration limits, and gated on performance in the preceding period rather than on commercial appetite.
Where this sits in an allocation
Short duration, self-liquidating, over-collateralised, insured and secured, with no correlation to the sponsor-backed corporate credit that dominates most private credit books. For an allocator already long direct lending, the diversification is the point as much as the yield.
Asset-based finance is among the fastest-growing parts of private credit, on KKR's estimates, because allocators want collateral they can see. This is collateral you can watch move, in real time, on your own read-only access.
The programme has to survive us.
A servicer that cannot be replaced is a single point of failure dressed as a relationship. The documentation and the operating design both assume you may one day need to run this without us.
USD 1bn+ processed, 99.8% recovered
Trade receivables processed on the platform since launch, with a 99.8 per cent recovery rate across funded receivables. Recovery is run as a structured escalation with defined service levels and multi-jurisdiction legal capability across the UK, EU and US, and reported to funders throughout.
An institutional senior secured facility
The programme operates today under a senior secured receivables facility from an institutional private credit manager, with agent, security agent and cash manager roles held by an independent third-party administrator. The architecture on this page is the architecture that lender's counsel documented.
Step-in without renegotiation
Servicer termination triggers, a standing power of attorney, the deed of charge and the acknowledgment letter give the security agent and any replacement servicer control of the accounts and the collection flow. Your access does not depend on our cooperation at the moment you most need it.
Purpose-built, four modules
Receivables servicing and credit; embedded payments and virtual account architecture; automated compliance and document generation; credit insurance integration. Eligibility checking, advance calculation, distribution, reconciliation and borrowing base reporting are automated rather than assembled by hand each month.
Independently tested, continuously
SOC 2 Type II attestation from the core infrastructure vendors, continuous vulnerability scanning and penetration testing by a CREST-accredited provider, enterprise endpoint protection, and a named information security and data protection lead. Reports are available in the data room.
Tested, not just documented
A business continuity plan covering platform, payment rails and data, with a simulation test report available for review. Payment infrastructure is deliberately provider-agnostic; a second regulated institution can be substituted into the operating layer without redocumenting the security package.
The rest of it is in the data room.
This page is deliberately the public layer. Performance data, legal documentation and the receivable tape sit behind an NDA, released in stages as a process progresses.
Staged access
- TIER 1Programme summary, ungatedStructure, asset description, control architecture and headline parameters. Sent on request, no NDA required.
- TIER 2Full diligence pack, under NDAStatic pool and vintage performance, dilution and delinquency history, concentration tables, audited financials, security and penetration test reports, business continuity documentation, insurance terms.
- TIER 3Documentation, in active processFacility and receivables purchase agreements, security package, servicing agreement, cash management scope, borrowing base model and receivable tape.
A live API and dashboard walkthrough is available at Tier 2 for credit teams who would rather watch the flow than read about it.
Request access
Tell us who you are and what you would need to see. A member of the team responds within one business day, with a person rather than a link.