Receivables confirmed by the party that pays.
A call connects or a message is delivered and the money is earned that day; the invoice follows weeks later. Lenderwize's programme is designed to buy those short-dated receivables in wholesale telecommunications, one of the most demanding verification environments in B2B receivables, each one against delivery the debtor's own systems have already reported, under a confirmation letter the debtor signs before any funding, with Lenderwize servicing them. The same debtor-first model is designed to extend to other metered services, added one sector at a time, on evidence. The SPV's own accounts are designed to sit inside a security package held by your security agent.
New to Lenderwize? Our plain-English overview explains what we do, who pays us and why, and how we differ from a factoring company.
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 how the programme is structured and documented, 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, and the debtor emails that report to us each business day, to an address we notify under its signed confirmation letter, 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 is matched against the debtor's reports. |
| Disputes and dilution surfacing after funding. Credit notes, offsets and reconciliation arguments eroding a pool already advanced against. | Before any funding, each debtor signs a confirmation letter making its own switch report the conclusive record of the traffic it accepted, and committing it to pay only into the account designated for its supplier. Volume disputes are narrowed at the contract rather than provisioned for after the event. |
| Collections commingled with operating cash. Funds passing through the originator's balance sheet, with priority contested if it fails. | Each debtor pays a unique virtual account in its supplier's own name, and receipts are swept to the SPV collection account within one business day. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow, so your collections do not pass through our operating accounts. |
| One party holding every lever. Origination, servicing, cash movement and reporting concentrated in the borrower, verified only by what it chose to send. | Every drawing is tested against the borrowing base, and capital in the SPV's disbursement account is capped at levels your agent accepts or sets each quarter. The platform is structured so that your agent holds the account-holder credentials and our access is scoped; your agent applies the priority of payments before anything is paid to you, and you have live API and read-only access throughout. |
| A structure resting on one credit insurer. Cover withdrawn, and the whole book repriced overnight. | Credit insurance is used where it adds protection, as a 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, whose own report is the conclusive record of what it accepted, and invoiced on payment terms of sixty days or less. 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, sent by the debtor directly to us. We fund on the debtor's own count of what it received and what it owes, not on the seller's figures, and we do not re-count the underlying traffic ourselves. The evidence is produced by the party that pays.
Confirmed by the debtor in advance
Before funding, the debtor signs a confirmation letter making its own switch report the conclusive record of the traffic it accepted, and agreeing to pay only into the account designated for its supplier. 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. A capped crossing. Your agent approves the cap.
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 security over the SPV's accounts in both. Step through a full cycle.
Your commitment is drawn only against the borrowing base, each drawing with a compliance certificate, into a pledged SPV bank account at a bank the lenders approve.
Each quarter your agent accepts or sets how much may sit in the SPV’s disbursement account in the operating layer, against a forecast of origination and the borrowing base. A drawing not moved into the operating layer within two days goes to the SPV’s pledged transaction account, and any balance above the cap is moved there promptly.
An eligible receivable is purchased and the advance paid to the seller’s own collection account, with the seller deposit held back. The platform fee is calculated at funding; the programme documents set when it is paid. Our servicing fee is paid by your agent through the priority of payments. The service has already been delivered and reported by the debtor’s own systems, under the confirmation letter the debtor signed before funding.
Each debtor pays a unique virtual account in its supplier’s own name, designated in its signed confirmation letter, and receipts are swept to the SPV collection account within one business day. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow, so your collections do not pass through our operating accounts.
Collections recycle into new eligible receivables only while the conditions in the senior facility documentation are met, including the cap your agent accepts or sets; everything else moves to the SPV’s pledged transaction account, from which your agent applies the priority of payments on each interest payment date against a distribution certificate it must approve. Every allocation on the platform is tagged and visible to you as it happens.
Undrawn capital stays with you
Your commitment is drawn only against the borrowing base, each drawing with a compliance certificate, into a pledged SPV bank account at a bank the lenders approve.
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 payments within limits your agent sets and a complete audit trail at the time of transfer, with the SPV's own accounts under a deed of charge and 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 equivalent instrument is a deed of charge over the SPV's accounts, together with an acknowledgment letter from the institution and a power of attorney granted to a replacement servicer on transition. That combination is designed to give the security agent and a replacement servicer control on enforcement. It is the position reached in the senior facility documentation negotiated with an institutional private credit manager and its counsel.
Control that does not depend on trusting us.
Each control below sits with you, your agent or an independent party, or is a limit the documentation places on us. None of them requires you to believe a report we wrote.
| Control | Where it sits | How it works |
|---|---|---|
| Quarterly deployment caps | Tier 1 → Tier 2 | Your agent accepts or sets each quarter how much capital may sit in the SPV’s disbursement account in the operating layer, and every drawing is tested against the borrowing base. No drawing or purchase is made while a default or drawstop event continues. |
| Conventional security package | Tier 1 | Charge, pledge and assignment over the pledged SPV accounts, plus debenture and share pledge at the obligor level. Documented the way your counsel expects. |
| Deed of charge and acknowledgment | Tier 2 | Security over the SPV’s own accounts on the payment platform, 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. |
| Scoped platform access | Tier 2 | The platform is structured so that your agent holds the account-holder credentials. Our access there is designed as a scoped key with no permission to pay money out of the platform, and your agent can withdraw it on a continuing event of default. |
| Above-cap sweep | Tier 2 → Tier 1 | Any balance in the SPV’s disbursement account above the cap your agent accepted or set is moved promptly to the SPV’s pledged transaction account. A drawing not moved into the operating layer within two days of drawdown goes to the transaction account within a further business day. |
| Agent-applied waterfall | Tier 1 | Your agent has signing rights over the transaction account at all times and applies the priority of payments from it against a distribution certificate it must approve; your security agent alone has signing rights over the reserve account. The SPV, the servicer and the delegated servicer also have signing rights over the transaction, funding and purchase reserve accounts, and payments out of them may be made only as the senior facility documentation provides. After an event of default, the SPV’s right to operate those accounts is suspended and your security agent can apply the balances. |
| Enforcement step-in | On default | The security package, the institution’s acknowledgment, a standby servicer arrangement and a power of attorney granted on servicer transition are designed to give the security agent and a replacement servicer control of the accounts and the collection flow. |
| Quarterly borrowing base audit | Reporting | Your agent can commission an independent borrowing base audit every quarter, by an auditor of international repute, in addition to the monthly cycle. |
The priority of payments is set by the facility documentation and applied by your agent, not by us. On each interest payment date your agent applies it from the SPV's pledged transaction account, against a distribution certificate it must approve. On the platform, every allocation is calculated in code from the facility terms, under change control, and tagged as it moves; you can check any of it yourself through the API. Distribution itself sits with your agent at the account bank, which keeps the account bank's independence at the point where you are paid.
Underwritten the way you underwrite.
The parameters below are those of the senior facility documentation negotiated with an institutional private credit manager. They are set out here because a credit analyst should be able to form a preliminary view before speaking to anyone. Terms for any other 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
Quarterly borrowing base audit
Independent verification of the base you are lending against, at your agent’s call each quarter.
- ∞
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. Adjacent metered services would be added by agreement, one sector at a time, 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 through the debtor's signed confirmation rather than treating them as somebody else's problem; the detail is in section 06.
The metered digital economy, measured by the party that pays.
Any service billed on measured consumption produces a receivable that can be evidenced in the same way as ours: messaging, wholesale voice, connectivity and transit, cloud and infrastructure, usage-billed software. The buyer's own systems measure what it receives as it receives it, so the debtor can report and confirm what it owes as a by-product of the trade itself. Few credit funds specialise in these markets, which is precisely where the spread lives.
Measured by the unit, confirmed by the buyer
Every unit of a metered service, whether a message, a minute, a gigabyte or an API call, is measured by the buyer's own systems as it is delivered. That lets the debtor report and confirm what it owes daily, 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 and why a receivable identified as fraudulent comes straight out of eligibility and the borrowing base 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.
Under the senior facility documentation only telecoms carrier receivables are eligible. Adjacent metered verticals, messaging platforms, cloud and connectivity, connected device data, usage-billed software, would be added by agreement, one sector at a time, 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 and secured, with credit insurance where it adds protection and low 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.
On KKR's 2025 estimates, private asset-based finance is a market of over USD 6tn, rising to about USD 9tn by 2029. Allocators want collateral they can see, and 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
Trade receivables processed on the platform since launch: value processed, not money we have lent; historic and unaudited. 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.
Institutional due diligence, completed
An institutional private credit manager has completed due diligence on the programme, and the senior facility documentation was negotiated between counsel on both sides. It provides for an independent third-party administrator as agent and security agent.
Step-in, documented in advance
Servicer termination triggers, a standby servicer arrangement, the servicing agreement's transition duties and power of attorney, and the security package with the institution's acknowledgment are designed to give the security agent and a replacement servicer control of the accounts and the collection flow. While an event of default continues, the servicer acts only on the security agent's instructions.
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.
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, account and payment mechanics, 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.