Funding advisory · Fintech lenders · Europe

Equity builds the company. Debt funds the book.

We structure and raise debt facilities for European fintech lenders: warehouse lines, receivables-backed loans, forward flow. From loan tape to signed facility documents.

Send us the funding question See what we build

Consumer credit SME lending BNPL Embedded finance Marketplace lending

The funding gap

The book grows faster than the balance sheet.

Origination is working. That is exactly when funding it off your own equity stops making sense.

EconomicsThe cost

Expensive money in cheap assets.

Every euro of equity parked in receivables earns a lender's return while carrying a shareholder's cost. The spread between the two is what not having a facility costs you, every month.

AccessThe market

Your VCs can't underwrite this.

Debt investors price the portfolio, not the story. Banks, credit funds, asset-backed desks: a different market, with different diligence, that most founding teams meet for the first time mid-raise.

ReadinessThe tape

The first data request decides it.

Vintage curves, roll rates, a lender-format loan tape. Arrive unprepared and the process stalls at the first request; you get one first impression per lender.

Getting the book financed is a process we run start to finish, not an introduction we make.

What we build

A warehouse facility, in one picture.

The structure most scaling lenders end up with. Not the only one we raise: receivables-backed loans come earlier, forward flow runs beside it, securitization comes later.

The funding stack of the SPVAgainst the borrowing base

Senior trancheBank / credit fund

MezzanineOptional, subordinated

First lossYour equity

Receivables sit in a bankruptcy-remote vehicle; lenders fund the vehicle against the book, not your operating company.

SPVTrue sale. Receivables are sold into a bankruptcy-remote vehicle. The lender's risk is the portfolio, priced as a portfolio.

BASEBorrowing base. Eligibility criteria decide which receivables count; the advance rate decides how much each one can draw.

LOSSFirst loss. The slice you keep funding is the lender's cushion. Sizing it is where most of the negotiation actually lives.

COVCovenants & triggers. Portfolio performance triggers, concentration limits, excess spread tests: set where your book can actually perform, not copied from someone else's deal.

PATHThe path. Receivables-backed loan, then warehouse, then securitization as the book seasons. Forward flow where holding the assets was never the point.

The production layer

Proprietary agents on the whole raise.

Built in-house, supervised by people with structured-credit backgrounds. You are the audience we say this to plainly: this is why the economics work.

Loan tape & vintages

Lender-format data tapes from raw loan data. Vintage curves, roll rates, cohort losses, stratifications: rebuilt, reconciled, traceable.

Portfolio analytics

The credit pack an asset-backed desk expects. Eligibility screens, concentration analysis, excess spread and stress scenarios.

Legal drafting

Facility, security and sale documents: first drafts in hours. LMA-derived architecture. Your counsel reviews, confirms, and opines.

Process

One checklist to first drawdown. CPs, funds flow, borrowing-base model handover, reporting templates.

A lender data request · answered by a team~3 weeks

The agent pipelineDays

Agents do the production; people make every decision.

How a raise runs

Loan tape to first drawdown.

Click any stage for scope and deliverables.

When to write

When lenders come to us.

Originations are outpacing the equity plan, and the board can see it.
A facility matures inside the next twelve months.
A term sheet is on the table and something about the terms feels off.
An investor asked for a data tape or vintage analysis you cannot yet produce.
The first facility closed, and operating it is eating the team.

We do not lend our own money, and we take one side per deal: yours. The mandate is advice, not a counterparty position.

Questions lenders ask

Asked on most first calls.

How big does the book need to be? +

It depends on the structure, not on a single number. Receivables-backed corporate loans work at sizes where a warehouse does not; forward flow can start before either. The honest answer comes out of the loan tape, which is where every mandate starts.

Do you lend your own money? +

No. We are advisors on your side of the table, not a counterparty. One side per deal, never both.

How long does a raise take? +

Most of the calendar in a debt raise is consumed by preparation gaps discovered mid-process. That is why readiness is a stage of its own: once the tape, the analytics and the structure paper are done, the market phase moves at the speed of lender committees, not at the speed of your data room.

Which lenders do you go to? +

European banks, private credit funds and asset-backed lending platforms, matched to your asset class, jurisdiction and stage. The longlist is built per mandate, not recycled from the last one.

We already have introductions. Why an advisor? +

You get one first impression per lender. Sequencing, preparation and a run process decide whether term sheets arrive, and whether they arrive close enough together to compare. Introductions are the easy part; we are there for everything after.