We get telecom companies paid for calls and messages they have already carried, without the two-month wait.
The evidence comes from the customer who pays, and the keys to the payment accounts are designed to sit with the lender's agent.
The four controls, and how they answer recent failures in receivables finance →
Lenderwize is a B2B digital factoring platform. When a bank texts you a login code, the message passes through several telecom companies that bill each other for carrying it, and those business bills are usually paid up to two months later. Lenderwize's programme is designed to get them paid typically the next business day. The paying customer's own systems confirm what is owed, an institutional lender provides most of the money, and our platform checks each amount, moves the money and reports on it. We will earn fees for running it, and a return on our own capital, which must sit beneath the lender's.
“Are you just another factoring company?”
No, not in the usual sense. Like a factor, our purchasing company buys amounts owed outright. Unlike a factor, the amount is the figure reported by the customer who owes the money, typically before any invoice exists. Most of the money comes from an institutional lender, lending to a ring-fenced purchasing company within the group, rather than from our own capital. Our software checks, moves and reports it.
“What are you selling, and why would anyone pay?”
Telecom companies will pay a platform fee to be paid for their work typically the next business day, instead of up to two months later. The programme is designed so that lenders get amounts owed that the paying customer has confirmed, with the checking, collecting and reporting done for them.
“Can we see the platform?”
Yes, in a live walkthrough. Steven Goumas, who built the platform, gives every walkthrough himself, by video call or in person. Ask Lawrence Gilioli to arrange one.
Lending under the senior facility is subject to its conditions, including our own capital going in first.
This page is information about the company. It is not an offer of securities.
Telecom companies earn their money the day they carry the traffic, and are paid for it up to two months later. Our programme is designed to close that gap.
Calls, messages, data and digital advertising are delivered at the speed of light, through fibre. The money for them still moves at the speed of month-end invoices and 30-day terms, and that gap starves the businesses that deliver them of the cash they need to grow.
A mid-sized telecom company delivers two million business text messages a day for one customer: login codes, delivery updates, appointment reminders. That is about USD 50,000 earned every day. On the industry's usual terms, it is paid for the first day's work around two months later.
The industry bills monthly, and customers pay 30 days after the month-end invoice, so the first day of the month is paid around day 60. Meanwhile the telecom company's own suppliers, the networks that carry its traffic onward, want paying up front or within days. The faster it grows, the more of its cash is tied up in work already done. At the volumes above, up to USD 3m it has earned can be owed to it at any one time.
Lenders have mostly stayed away. They lend against invoices, which here arrive weeks after the service. Daily volumes are hard to check from outside, and telecoms has a known fraud problem: one industry survey put losses at almost USD 39bn in 2023 (Communications Fraud Control Association).
money paidthe service itselfinvoicecustomer pays
| When | Without Lenderwize | With Lenderwize |
|---|---|---|
| Days 0 to 30 | Service delivered every day. Its own suppliers want paying now. | Service delivered every day. Each day's traffic: most of its value paid, typically the next business day. |
| Day 30 | Invoice issued | Invoice issued and matched against the customer's daily reports |
| Days 30 to 60 | Still waiting: up to 60 days for money already earned | Most of the money already paid |
| Day 60 | Customer pays | Customer pays as usual; purchasing company repaid; held-back amount released to the seller |
Illustrative. Wholesale telecoms commonly invoices at month end and is paid 30 days later, so the first day's traffic is paid around day 60. With Lenderwize, each day's traffic is designed to be paid for typically the next business day; the customer still pays on its usual date.
Lenderwize runs the software, and will run the payment accounts, through which a lender-funded purchasing company is designed to pay telecom companies for service they have already delivered, typically the next business day. We will earn a servicing fee, and a return on our own capital, for doing it.
As the programme is designed, each business day the paying customer's own system produces a report of what it received, and the customer emails that report to us. Our platform checks it against the lender's conditions for what it will fund, such as approved customers and a credit limit for each. If it passes, the purchasing company buys the amount owed and pays the telecom company.
The purchasing company is a separate company within the group, set up only to buy these receivables, ring-fenced for the lender and financed mainly by it. Together with the lender's funding terms and rules, it makes up what we call the programme. When the customer pays on its usual date, the money returns to the purchasing company through payment accounts our platform runs. It is then either reused for new purchases or paid out in a fixed order.
Our first market is wholesale telecoms, where telecom companies bill each other for carrying calls and messages. The same controls are designed to work across other digital services billed by usage, such as data, cloud and digital advertising, and for ordinary invoice trade, where the buyer confirms each invoice to us before funding. New sectors are added one at a time, on evidence.
Sellers pay for the service, lenders supply the money, and the paying customer signs one letter.
An amount a business is owed for something it has already delivered is called a receivable. Three parties take part in each transaction in the programme, and each has its own reason.
Sellers pay a platform fee to be paid without the wait
The telecom companies that carried the calls and messages, and are owed the money.
- Paid typically the next business day for traffic already carried, not up to two months later.
- Room to grow. Cash from each day's traffic pays the suppliers for the next day's routes, so a new customer no longer starves the business of cash.
- A sale, not a loan. The seller sells what it is owed, so there is no loan to repay on a fixed schedule.
- Fewer billing arguments. The paying customer's own figures are the basis from the start, and the invoice is matched against them.
- A live view of balances and payments. The seller's advance is paid into a collection account in its own name, and the seller can move its advance to its usual bank straight away.
Why they pay: the alternatives are turning traffic away, paying suppliers out of scarce cash, or giving up shares to fund day-to-day cash needs. Sellers weigh the fee against the cost of waiting. They sign up through Invoicewize, the Lenderwize brand for sellers.
Paying customers sign one letter, and nothing commercial changes
The seller's customer, which received the service and owes the money (in finance, the “debtor”). We do not lend to it; it confirms what it received and pays as usual.
- Nothing changes commercially: the same supplier, contract, amount and payment date.
- One letter, signed electronically, before any funding. Each further supplier is added with a short annex.
- It pays on its own count. The report from its own system is the basis of what it owes, not the supplier's figure.
- Protection against payment-diversion fraud. The letter names the account it pays: a dedicated account in its supplier's name. Only Lenderwize can notify a change to that account, and any other instruction is to be ignored and reported.
- A stronger supplier, able to carry more of its traffic.
Lenders get assets they could not otherwise check or control
Institutional lenders, which provide most of the money. The senior facility documentation (the loan agreement and related documents, negotiated between lawyers on both sides) sets out the terms on which an institutional private credit manager would lend as senior lender. The platform is designed to run several lenders side by side, each on its own terms.
- Short-term receivables, typically paid within about two months and confirmed by the party that pays.
- Their rules checked automatically, when a receivable arrives and again before it is bought. One that fails is rejected, not just flagged.
- Money in segregated accounts, each in its holder's own name, with a live, read-only view of every transfer.
- The day-to-day work done for them: checking, collecting, calculating how much they can lend against, and monthly reporting.
- A different kind of risk from the company loans that make up most private credit portfolios.
Why they take part: a short-term asset they could not otherwise verify, without building the operation to run it.
Are we just another factoring company? No, not in the usual sense.
Factoring is the oldest way to turn receivables into cash. A finance company (the factor) buys a business's unpaid invoices on its own balance sheet, pays most of their value up front and collects from the customer. Invoice discounting is the same idea, except that the business keeps collecting from its own customers and borrows against its invoices. Either way, the finance company relies on the seller's own paperwork. Like a factor, our purchasing company buys receivables outright. It differs in three ways.
What gets funded, and who proves it
A factor buys an invoice the seller wrote, on the strength of the seller's paperwork. We work on service already delivered, using figures the paying customer reports each day from its own systems, typically before any invoice exists. When the invoice arrives, it is matched against those reports.
Who controls the cash
The paying customer pays a dedicated account in its supplier's name, and the money moves on to the purchasing company within a business day. The purchasing company's payment accounts are designed so that the lender's agent, not Lenderwize, holds the administrator rights and credentials. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow; the accounts belong to the sellers and to the ring-fenced purchasing companies.
Whose money
A factor buys on its own balance sheet, often with bank borrowing behind it. Under the programme's structure, purchases are made by a separate, ring-fenced purchasing company, financed mainly by an institutional lender, with a smaller layer of our own capital beneath. We provide the technology and run the servicing.
| Question | A traditional factor | Lenderwize |
|---|---|---|
| What proves the receivable is real | The seller's own invoice and paperwork | The paying customer's own daily report, under a letter it signed before any funding |
| What is funded | An invoice the seller has issued | Service already delivered, typically before the invoice exists |
| When the seller is paid | Once the invoice is issued, often weeks after the service | Typically the next business day after the paying customer reports the service |
| Whose money buys the receivable | The factor's own balance sheet, often with bank borrowing behind it | Mainly an institutional lender's, through a separate purchasing company, with a smaller layer of our own capital beneath |
| Where the customer pays | Usually an account of the factor or the seller | A dedicated account in the seller's name, moved on to the purchasing company within a business day |
| What the lender sees | Periodic reports | A live, read-only view, with every transfer tagged by type |
| How the company earns | The gap between its funding cost and what it charges | A servicing fee (Lenderwize USA Inc.) and a return on our own capital in the programme (the group); sellers also pay a platform fee to Lenderwize Limited under their platform agreements |
| What it takes to grow | More balance sheet and more staff | More lender capital, with a smaller amount of our own beneath it, and more volume on the same software, not a matching rise in headcount |
The receivable is bought outright. If the paying customer cannot pay, the loss is not passed back to the seller, apart from the part held back until the customer pays. The seller must buy a receivable back if anything it told us about it was untrue, or if a dispute, credit note or adjustment reduces it.
Funding receivables is what our platform is built to do, and our income depends on the volume of receivables funded through it. We are a digital factoring platform rather than a factor: seller-led, designed to bring many institutional funders onto one platform, with lender-grade cash controls. Buyer-led supply chain finance needs a large buyer to sponsor it, and most seller-led providers fund from their own book or a single fund. Platform partners, other lenders and finance platforms using our rails for their own originators, are a second channel we are building; they are not yet a source of revenue.
Evidence from the customer who pays, and the payment-account keys with the lender's agent.
Several widely reported failures in receivables and asset-based finance since 2021 had something in common: the business being funded, or the platform funding it, supplied the figures lenders relied on, handled the customers' payments, or both.2–11 The programme is designed the other way round. The figures come from the customer who has to pay them, which has little reason to overstate what it owes; in factoring and invoice discounting, they come from the seller, which is paid on them. And the customers' money moves through restricted accounts the lender can see.
Four controls do this:
- Evidence from the payer. Each paying customer signs a letter, before any funding, agreeing that the daily report from its own switch is the conclusive record of the traffic it accepted. The programme buys on that figure, typically before any invoice exists.
- Restricted collection accounts. Customers pay an account in the seller's name on the programme's payment platform. It can pay out only to the purchasing company or to a verified bank account in the seller's own name, and collections are to move on to the purchasing company within one business day.
- No Lenderwize account in the money's path. Neither Lenderwize USA Inc. nor Lenderwize Limited, which run the platform and the servicing, holds an account the customers' money passes through. Their access to the purchasing company's payment accounts is designed to carry no permission to pay money out of the platform.
- The keys with the lender's agent. The purchasing company's payment accounts are designed so that the lender's agent holds the administrator rights, and the lender sees every transfer as it happens.
In our review of published receivables programmes, we found none designed to combine all four.1 None of the four is new on its own: lenders already rely on each of them somewhere, from supply chain finance to securitisation. What we have not found elsewhere is the four together.
In this section, “Lenderwize” means Lenderwize USA Inc. and Lenderwize Limited. The purchasing companies are ring-fenced companies held within the group. As servicer and delegated servicer, Lenderwize USA Inc. and Lenderwize Limited also have signing rights on the purchasing company's pledged bank accounts, which are separate from its payment accounts, and move money between the programme's accounts on its behalf, only as the senior facility documentation allows. That documentation bars any other withdrawal from the purchasing company's accounts without the consent of the lender's security agent.
moneyinformation or instructionwhere money should not gonumbers match the same point in both structures
- The figures. In that pattern: prepared by the company being funded. Ours: the paying customer's own daily switch report, made the conclusive record of the traffic it accepted by a letter it signs before any funding.
- Where payments land. In that pattern: an account the company being funded runs. Ours: an account in the seller's name on the programme's payment platform, in the lender's view, with collections to move on to the purchasing company within one business day. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow.
- Where money can leave. In that pattern: that account can pay anyone. Ours: a seller's account can pay only the purchasing company or the seller's own verified bank account. Payments out of the purchasing company's payment accounts to an outside bank are designed to sit with the lender's agent; the Lenderwize platform's access carries no payout permission.
- The same assets twice. In that pattern: the same assets can be offered to another funder. Ours: each customer's letter names the account in which its payment settles the debt, and the customer is to ignore, and report, payment instructions from anyone other than Lenderwize as servicer. That makes a second financing harder to hide; it cannot rule one out.
- Who holds the keys. In that pattern: the funder sees what it is sent. Ours: designed so the lender's agent holds the administrator rights to the purchasing company's payment accounts, and the lender sees every transfer as it happens. The purchasing company's bank accounts are pledged to the lender, and the lender's agent pays the lender from them in a fixed order; as servicer, Lenderwize also signs on those bank accounts, within the limits the senior facility documentation sets.
Simplified and generic. “In that pattern” (the top panel) is the pattern reported in the failures cited below, in which the company being funded prepared the figures and collected the customers' payments; many programmes add controls against it, such as lender-controlled collection accounts. “Ours” (the bottom panel) is the Lenderwize programme as designed.
| How recent failures happened | What our programme is designed to do about it |
|---|---|
| Trades that never happened. Hin Leong Trading, a Singapore oil trader, collapsed in 2020. In 2024 its founder was convicted of cheating a bank into financing oil sales that had never happened, supported by forged documents.12 | The payer confirms first. The programme is designed to fund only service that the paying customer itself has reported and confirmed, under a letter it signs before any funding, so a sale the customer never made should not be funded. |
| Receivables that had not yet arisen. Greensill Capital, which entered administration in March 2021, financed what it called “future receivables”: 11 per cent of its asset flow in 2020, on its own figures. The UK Treasury Committee said that “prospective receivables”, as the owner of one of its largest clients had described them, would appear to be a riskier form of lending, “more akin to straightforward unsecured lending”. Greensill told the Committee that the nature of its future receivables was fully disclosed to those who financed them.2 Switzerland's regulator, FINMA, later stated that in some instances “Greensill additionally transferred future claims to the funds that had not yet arisen”.3 Greensill's founder told the Committee that its concentrations in insurers and clients “were too high and were the principal contributing factor” to its failure.2 | Evidence from the payer, and limits on concentration. The programme is designed to buy only service already delivered, at the figure the paying customer reports each business day from its own switch, under a letter the customer signs before any funding. No receivable is to be bought on a forecast. Limits in the senior facility documentation also cap how much of the pool any one customer, any one seller or any one country can make up. |
| Customers who said they had no relationship with the platform. Stenn's UK companies entered administration in December 2024 on a lender's application.4 Bloomberg reported two things. Some large counterparties had denied having a relationship with Stenn. And the lender alleged that some payments meant to come from customers came from entities set up to impersonate them. Stenn's founder denied any wrongdoing.5 | The customer signs first, and reports itself. Under the eligibility rules, a receivable qualifies only once the named customer has signed its confirmation letter. In it, the customer agrees that the report from its own switch is the conclusive record of the traffic it accepted from its supplier, and it emails that report to us each business day. Each customer pays using its own account number, so the lender can see which customer each payment is meant to settle. |
| Customer payments collected by the company being funded. First Brands Group filed for bankruptcy in September 2025.6 Jefferies Financial Group disclosed in a filing that First Brands, as servicer for a fund managed within its group, had stopped directing customers' payments to that fund on time.7 A court-appointed examiner later reported that the company collected customer payments itself before passing them on.8 Two former finance executives have pleaded guilty to federal fraud charges;9 the company's founder has denied the allegations.8 | Collections in view, and moved on within a business day. Customers pay an account in the seller's name, because customers pay their supplier. But that account sits on the programme's payment platform rather than at the seller's own bank, and it is designed to pay out only to the purchasing company or to a verified bank account in the seller's own name. The lender sees each payment arrive, and collections are to move on to the purchasing company within one business day, so a seller holding collections back would show in the lender's view within a business day. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account the money passes through. |
| Lenders relying on the company's own figures. The same examiner reported that lenders typically did not see the underlying invoices and relied instead on spreadsheets the company prepared.8 | The lender sees the cash, not just our figures. Every customer payment, and every transfer between the programme's payment accounts, is designed to be visible to the lender as it happens, tagged by type. A reported figure that does not turn into cash shows up when the payment falls due. Under the senior facility documentation, the lender's agent can also commission an independent audit of the receivables each quarter. |
| The same assets pledged to more than one lender. Tricolor, a US auto lender, filed for bankruptcy in 2025. Two former finance executives pleaded guilty in December 2025.10 US prosecutors and the US securities regulator allege that the company pledged the same loans to more than one lender.10, 11 Prosecutors make a similar allegation about invoices at First Brands.6 | Records the lender can check for itself. Each paying customer's letter names the account in which its payment settles the debt. The customer is to ignore, and report, payment instructions from anyone other than Lenderwize as servicer. The lender's agent sees each payment and can commission an independent audit of the receivables each quarter. The senior facility documentation also restricts the purchasing companies from other borrowing, other business and other accounts. Together these make it harder to finance the same receivable twice without it showing; they cannot rule it out. |
| Confirmations from look-alike email domains. In 2025 a group of lenders sued a US telecom executive and his companies in the New York Supreme Court, alleging that many of the telecom receivables they had financed did not exist and that emails confirming them came from look-alike domains. His lawyer has denied the allegations.13 | The carrier reports itself, and the report is to be checked. Funding rests on the paying carrier’s own switch report under a letter it signs, and customer payments go only to accounts in the seller’s name. Each carrier’s sending domain is to be verified when it joins, and every report checked against it. |
These controls are designed to narrow the room for fraud and for money going astray; they cannot remove it. The risks that remain:
- A seller and a paying customer could act together.
- Someone could forge a report or a payment to look as if it came from a customer.
- Collections sit in the seller's account for up to a business day before they move on.
- Money in the payment accounts is held by regulated payment firms, which are not banks.
- A customer could simply fail to pay.
That is why the programme has further protections:
- Under the eligibility rules, at least 10 per cent of each receivable is held back until the customer pays.
- The seller must buy back a receivable if what it warranted about it proves untrue and is not put right.
- Our own capital is required to sit beneath the lender's.
Section 12 sets out more of the risks.
The design is commercial as well as protective: it is meant to let a lender follow the cash for itself rather than rely on our word alone. An institutional private credit manager has completed its due diligence on the platform, on how we verify receivables and on the security the lender would hold. A newcomer would have to win customers' signed letters, build the daily reporting and pass the same scrutiny from a standing start.
Sources- Based on a desk review by Lenderwize, in October 2026, of publicly available material on factoring, invoice discounting, asset-based lending, securitisation, supply chain finance, fintech invoice finance and payment-account products. The review was not exhaustive: private and bilateral facilities are rarely published, and one combining these controls may exist. ↩
- UK House of Commons Treasury Committee, Lessons from Greensill Capital, Sixth Report of Session 2021-22, HC 151, 20 July 2021, paragraphs 23, 25, 28, 29, 31, 32 and 35. ↩
- FINMA, “FINMA concludes ‘Greensill’ proceedings against Credit Suisse”, 28 February 2023. ↩
- Global Trade Review, “Stenn goes into administration following HSBC application”, 4 December 2024; Interpath, “Administrators appointed to Stenn Assets UK Limited and Stenn International Limited”, 4 December 2024. ↩
- Bloomberg, published by Fortune, “U.K. trade darling Stenn went from $900 million to insolvency in days”, 9 January 2025. ↩
- US Internal Revenue Service, Criminal Investigation, “First Brands Executives Charged with Multibillion-Dollar Fraud”, 29 January 2026. ↩
- Jefferies Financial Group, “Jefferies Provides Update on Point Bonita Capital and First Brands Group”, Form 8-K, Exhibit 99.1, 8 October 2025. ↩
- Global Trade Review, “Weaknesses in US factoring programmes ‘critical’ to First Brands alleged fraud”, 29 April 2026. ↩
- CFO.com, “First Brands' ex-CFO pleads guilty to wire fraud”, 9 March 2026. ↩
- Cadwalader, Wickersham & Taft, “Money For Nothing: Indictment Details Tricolor Executives' Alleged Fraudulent Scheme in Black and White”, 6 January 2026. ↩
- US Securities and Exchange Commission, “SEC Charges Former Executives With Fraud in Connection With $1.9 Billion Collapse of Subprime Auto Lender Tricolor”, press release 2026-77, 18 August 2026. ↩
- Singapore Police Force, “Founder of Hin Leong Trading sentenced and jailed for cheating and instigating forgery”, 18 November 2024. ↩
- AltsWire, “BlackRock’s HPS Among Lenders Suing Telecom Exec for Alleged $500M Fraud”, 17 November 2025; Business Today, “BlackRock-backed lender alleges $500 million fraud by Indian-origin telecom entrepreneur: report”, 31 October 2025, reporting the Wall Street Journal. ↩
Everything below is also in the company overview PDF.
§ 05How it works, from delivered traffic to a settled programme.
The customer signs once, reports daily and pays as usual; the platform does the rest.
This is how the programme is designed to work.
- 01
The paying customer signs once.
The seller and the paying customer are each approved against the lender's rules, and a limit is set for the customer before any of its service is funded. The customer signs a confirmation letter. In it, the customer agrees that the daily report from its own switch (the system a telecom company uses to route and count calls and messages) is the final word on the traffic it has accepted, and so the basis of what it owes. The letter also names the account it pays. Its commercial terms do not change.
- 02
The seller delivers; the customer reports.
The seller carries the traffic. Each business day, the paying customer's switch produces a report of what it received and its value, and the customer emails that report to us. The seller does not produce the figures it is funded on.
- 03
The platform checks; the purchasing company buys.
Our software tests the receivable against the lender's rules. If it passes, the purchasing company buys it, typically by the next business day, and pays most of its value into the seller's collection account, which is in the seller's own name. Under the programme's eligibility rules, at least 10 per cent of the value is held back until the customer pays. The seller can move its advance to its own bank straight away.
- 04
The invoice is matched; the customer pays.
At month end the seller issues its usual invoice, and the platform matches it against the customer's daily reports. On its usual date, the customer pays into the dedicated account named in its letter. The money moves to the purchasing company's collection account within a business day.
- 05
Everything is settled in a fixed order.
Collections are either reused for new purchases, within limits set for the lender, or moved to the purchasing company's bank account. From there, each month, the lender's agent applies the order of payments:
- first, the costs of running the structure and our servicing fee;
- then the lender's interest, and any repayment of the loan that is due;
- then other amounts the agreement requires;
- last, what is left: the return on our capital.
Once the customer has paid, the held-back amount is released to the seller. The platform fee is calculated at funding; the programme documents set when it is paid.
A seller's collection account can pay out only to the purchasing company or to a verified bank account in the seller's own name. Payments out of the purchasing company's payment accounts to an outside bank are designed to sit with the lender's agent, and the lender is paid by its agent from the purchasing company's own bank account.
moneyinformation or instructionthe service itselfnumbers match the five steps above
- 01The paying customer signs onceIt signs a confirmation letter before any funding.
- 02The seller delivers; the customer reportsThe seller carries calls and messages. The paying customer emails a daily report from its own switch to the Lenderwize platform.
- 03The platform checks; the purchasing company buysThe platform checks the lender's rules and triggers the purchase. The purchasing company, funded mainly by the institutional lender with Lenderwize capital beneath, pays most of the value into the seller's own-name collection account, typically the next business day.
- 04The customer pays as usualIt pays the seller's collection account on its usual date, and the money moves on to the purchasing company within a business day.
- 05Everything is settled in a fixed orderThe purchasing company pays the lender interest and repayments in a fixed order, and the held-back amount is released once the customer has paid. Lenderwize's fees are paid as the programme documents set.
Simplified. The lender provides most of the money, the paying customer's own report is the evidence, and the platform does the checking and prepares the payment instructions. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow; the accounts belong to the sellers and to the ring-fenced purchasing companies.
Follow one month (illustrative)
Round, invented figures that show the mechanics. They are not quotes, rates or terms.
Company A (the seller) delivers business text messages for Company B (the paying customer): about 2,000,000 messages a day, worth about USD 50,000 a day, or USD 1.5m a month. B pays 30 days after a month-end invoice.
| When | What happens |
|---|---|
| Once, at the start | B signs the confirmation letter electronically, with a short annex naming A's dedicated account. B is approved against the lender's rules, with a limit, before any of A's service to B is funded. |
| Every business day | B's own switch reports, for example: “yesterday, 2,000,000 messages from A, USD 50,000”. B emails the report to us. |
| Typically the next business day | The platform checks the report, and the purchasing company buys that day's receivable. A receives most of the USD 50,000; at least USD 5,000 is held back until B pays. A pays its own suppliers and takes on more traffic. |
| Day 30 | A sends B its usual invoice for USD 1.5m. The platform matches it against B's daily reports for the month. |
| Day 60 | B pays USD 1.5m into A's dedicated account, as it always would. The money moves to the purchasing company, which reuses it for new purchases or applies it in the fixed order of payments. A receives the held-back amount. |
The result:
- A gets most of its money in about a business day, instead of waiting up to 60 days.
- B pays the same amount on the same date, on its own figures, into an account it knows is genuine.
- The lender holds a short-term asset confirmed by the party that pays.
- Lenderwize would earn its fees for running the cycle.
§ 06“Paytech” means our software is designed to move the money, not just keep the records.
Our software is designed to open and run the payment accounts, so money moves by the rules of the contracts.
Paytech is short for payments technology. Most finance software keeps a record of who owes what, and leaves moving the money to banks, spreadsheets and people. Our platform does both. The payments are designed to run through accounts that our software opens and runs at regulated payment firms (electronic money institutions in the UK and EU) that hold and move money for their clients without being banks. So the advance, the collection and the payments to each party move by the rules of the contracts.
As the programme is designed:
- Labelled payments. Each seller has a collection account in its own name, with a separate virtual account number for each paying customer, so every payment arrives already identified.
- Segregated accounts. The purchasing company keeps its funding and its collections in separate accounts.
- Tagged transfers. Every transfer is tagged by type, and the lender can watch it happen.
- Restricted exits. A seller's collection account can pay out only to the purchasing company or to a verified bank account in the seller's own name. Payments out of the purchasing company's payment accounts to an outside bank are designed to sit with the lender's agent. The lender is paid by its agent from the purchasing company's own bank account.
- Lender control. Our platform prepares the payment instructions. The purchasing company's payment accounts are designed so that the lender's agent holds the administrator rights and credentials. Lenderwize works through limited access that is not set up to pay money to third parties.
- Not a bank. Neither Lenderwize USA Inc. nor Lenderwize Limited holds an account in the payment flow; the accounts belong to the sellers and to the ring-fenced purchasing companies.
On our platform the ledger and the money move together, so a lender can watch its collateral instead of waiting for a report about it.
§ 07What makes it work: the customer who pays is the one who confirms the amount.
Four things a competitor would have to rebuild, and why they would be hard to copy.
The payer does the checking
We work on the paying customer's own figure, reported daily from its own system under a letter it signed, not on the seller's invoice. Funding is capped at the customer's figure, and the seller's invoice has to match it. Factoring and invoice discounting rely on documents from the business being funded; our programme is designed to rely on the business that pays.
The lender's rules run as software
- The platform checks the lender's terms when a receivable arrives, and again on the day it is bought.
- A purchase that breaks a rule is blocked, not just flagged.
- Some rules are fixed in the platform's code. The rest change only with a written agreement with the lender and senior sign-off.
- The platform also calculates every fee, and the amount the lender will lend against at any moment (the borrowing base).
The money moves inside the platform
Accounts are in each party's own name, with a virtual account per paying customer and automatic allocation. Every transfer is tagged, and the lender can watch transfers as they happen.
Built in a demanding market, designed to travel
Wholesale telecoms is one of the most demanding places to verify business receivables: high volumes, figures that change daily, many countries and known fraud. The same principle, funding on the payer's own record of what it received, can extend to other services billed by usage. New sectors are added one at a time, on evidence.
Why it would be hard to copy
- Each letter, once signed, is designed to make the next seller quicker to bring on. Each confirmation letter will take a commercial relationship and a negotiation to obtain. Once a paying customer has signed, adding another of its suppliers is designed to take a short annex. The letter is made out to Lenderwize USA Inc., so the customer relationships it creates will sit with the parent.
- Years of build. The platform has been built since 2020, with over GBP 2m of documented development cost. Checking, payments, servicing and reporting run in one system.
- Diligence already done. An institutional private credit manager has completed its due diligence on the platform, on how we verify receivables, and on the security the lender would hold. Lawyers on both sides negotiated the senior facility documentation. A newcomer would have to pass the same scrutiny from a standing start.
- Specialist knowledge. We know how telecom traffic is billed, routed and disputed, and where fraud tends to appear. That knowledge shapes the rules.
- Intellectual property in the parent. Platform intellectual property was assigned to Lenderwize USA Inc. in 2026.
§ 08We will earn a servicing fee for running the programme, and a return on our own capital in it.
A servicing fee and a return on our own capital for the group; a platform fee that sellers pay to Lenderwize Limited; no published pricing.
The programme is structured so that most of the money in each purchase comes from an institutional lender. The purchasing company pays the seller less than the full amount owed. Part of the difference is held back until the customer pays. The rest covers the platform fee and a discount for being paid early (the purchase discount), which is designed to pay the lender's interest and the programme's costs. What is left will be the return on our capital.
Lenderwize USA Inc. will earn a servicing fee as servicer, and the group will earn a return on its own capital in the programme. Sellers also pay a platform fee, under platform agreements with Lenderwize Limited, the delegated servicer and platform manager.
- Servicing fee, paid to Lenderwize USA Inc. as servicer, for running, reporting on and administering the portfolio. Under the order of payments that the senior facility documentation sets, the purchasing company is to pay it each month out of the money it collects, ahead of the lender's interest.
- A return on our own capital. Under the senior facility documentation, the group is to keep its own capital in the purchasing company, beneath the lender, alongside each drawing of lender money. That capital will earn what is left after the lender, the costs and any losses have been paid.
- Platform fee, paid by sellers to Lenderwize Limited under their platform agreements, for the funding and payment service. The platform calculates it from the contract on every receivable funded.
We do not publish our pricing.
Why it grows with volume, not headcount
The platform is designed to do the checking, buying, collecting, matching and reporting. More volume would need more lender capital, with a smaller amount of our own beneath it, but not a matching growth in staff. How much of our own capital each dollar of growth would need is set out in the financial information available under a non-disclosure agreement.
That is not the same as having no capital at risk. Our capital must sit beneath the lender's, and under the senior facility documentation the parent is to guarantee the purchasing company's borrowing. So we will share in how the receivables perform, and a loss large enough to reach the lender can also reach the parent. That is designed to keep our interests aligned with our lenders'.
who funds each receivablefees and returns, and who receives themthe return on our capital
A receivable in the pool: what the paying customer owes (not to scale)
The lender's share and our capital together make up the price paid to the seller. If a customer does not pay, the loss is designed to fall on the bottom segment first and on the top segment last.
Who receives each income line
- Platform fee: paid by sellers to Lenderwize Limited
- Servicing fee: paid monthly to Lenderwize USA Inc., as servicer, out of what the purchasing company collects
- Return on our capital, in the group: what is left after the lender, costs and any losses
Not to scale. The purchase discount and fees are not shown in the bar. Our capital is shown per receivable for simplicity; it sits beneath the lender across the pool. Under the senior facility documentation, Lenderwize USA Inc. is also to guarantee the purchasing company's borrowing as parent.
Most of each purchase is lender money. The seller keeps a stake through the holdback, and Lenderwize keeps a stake through its own capital, so both are designed to bear a loss before the lender does, and the parent will also guarantee the purchasing company's borrowing.
§ 09What we have built so far, and what the numbers mean.
Over USD 1bn processed, a platform built since 2020, and due diligence completed by an institutional private credit manager.
| What | What it means |
|---|---|
| Over USD 1bn of trade receivables processed on the platform since launch | The value of receivables that have passed through the platform. It is not money we have lent, and not the size of a current portfolio. Historic and unaudited. |
| Debtors in 12 countries | Where the paying customers of sellers on the platform are based. |
| Platform built since 2020, with over GBP 2m of documented development cost | The payment integration, the checking and the servicing engine are built, not planned. |
| An institutional private credit manager has completed its due diligence | It examined the platform, how we verify receivables, and the security the lender would hold. Lawyers on both sides negotiated the senior facility documentation. |
| Platform intellectual property assigned to Lenderwize USA Inc. in 2026 | The intellectual property behind the platform was assigned to the group parent. |
| Security | The cloud and payment providers we use have each had their security controls independently audited (SOC 2 Type II); those audits cover them, not Lenderwize itself. We scan our own systems for weaknesses continuously, and have them tested by an independently accredited (CREST) firm. |
| Presented at Global ABS in 2024 | A leading industry conference for asset-backed securities: bonds repaid from pools of loans or receivables. |
Performance data, with its definitions, is available under a non-disclosure agreement.
§ 10Recent failures turned on who supplied the figures and who handled the cash.
Section 04 sets out the failures; here, the size of the wider markets.
Several widely reported failures in receivables finance since 2021 turned on who supplied the figures lenders relied on and who handled the customers' payments. Section 04 sets out those failures and how the programme is designed to answer each. The figures below describe the wider markets, not the part of them we serve.
asset-based finance, the wider market institutional lenders invest in, expected to grow to about USD 9tn by 2029
Source: KKR Asset-Based Finance Fund, semi-annual report for the period ended 30 April 2026.
global factoring volume in 2025: the established way businesses turn receivables into cash
Source: FCI, “FCI Releases 2025 World Industry Statistics as Global Factoring Market Surpasses €4 Trillion”, 5 May 2026.
global trade finance gap in 2025: trade finance businesses asked for and could not get, about 10% of world trade
Source: Asian Development Bank, “2025 Global Trade Finance Gap Survey”, January 2026.
§ 11Lenderwize USA Inc. is the group parent and, under the senior facility documentation, the servicer of the programme.
Where the receivables sit, who runs them, and what that means for the parent.
As set out in the senior facility documentation:
| Company | Plain role |
|---|---|
| Lenderwize USA Inc. (Delaware) | Group parent and servicer of the programme: the company responsible for running the portfolio for the lender. Platform intellectual property was assigned to it in 2026. The purchasing companies are held within the group, as the senior facility documentation sets out. |
| Purchasing companies | Two special purpose companies. One, in Luxembourg, buys and holds the receivables and is structured to borrow from the institutional lender. It is bankruptcy-remote: structured so that a problem elsewhere in the group should not reach its assets. The other, in Delaware, buys from US sellers and passes the receivables straight on. |
| Lenderwize Limited (England and Wales) | Runs day-to-day servicing as delegated servicer and platform manager, and serves sellers under the Invoicewize brand. |
The receivables are bought and held by a bankruptcy-remote purchasing company, so the pool's performance can be read separately from the rest of the business. That does not wall off the parent. Under the senior facility documentation, the parent is to guarantee the purchasing company's borrowing, and the group is to keep its own capital in the programme beneath the lender. That guarantee is also to be secured on the parent's own assets, including its shares in the purchasing company and its intellectual property. The parent, and so its shareholders, is therefore exposed to how the receivables perform, not only to fee income. Further information is available on request under a non-disclosure agreement.
ownershipcontract
- Shareholdersown shares in Lenderwize USA Inc.
- Lenderwize USA Inc.Delaware · group parent · servicer of the programme · platform intellectual property assigned to it in 2026to guarantee the purchasing company's borrowing
- Lenderwize LimitedEngland and Wales · delegated servicer · seller brand Invoicewizecontract: day-to-day servicing of the purchasing company
- US purchasing companyDelaware · buys from US sellers and sells straight onheld within the group; sells receivables on to the purchasing company
- Purchasing companyLuxembourg · bankruptcy-remote · buys and holds the receivablesheld within the group
- Institutional lendersenior secured lendingcontract: lends to the purchasing company; takes security over the receivables and accounts
Simplified, as structured under the senior facility documentation. The full corporate and security structure is available under a non-disclosure agreement.
§ 12Some of the risks.
Some of the risks we would raise ourselves, and what we do about them.
All of these will come up in diligence, and they are not the only ones. We would rather you heard them from us.
- 01
One sector
Our business is concentrated in wholesale telecoms, where we built the platform because checking is hard there. It is still a concentration. Other sectors are added one at a time, on evidence, within concentration limits.
- 02
Conditions to lending
Lending under the senior facility is subject to its conditions, including our own capital going in first.
- 03
Dependence on lenders
Volume, and so our income from the programme, depends on the lender making money available under the senior facility, and continuing to do so. One senior lender is one relationship. The platform is designed to run several lenders side by side, each on its own purchase terms.
- 04
Concentration on paying customers
In wholesale telecoms, a seller's receivables can sit with a few large paying customers. The lender's rules set a limit for each paying customer, and limits on concentration across the pool.
- 05
Our own capital is at risk
Our capital must sit beneath the lender's, and under the senior facility documentation the parent is to guarantee the purchasing company's borrowing. If paying customers do not pay, the loss is designed to fall first on the seller's held-back amount, then on our capital in the purchasing company, and then on the lender. Because of the parent's guarantee, a loss to the lender can also reach the parent. That is the alignment lenders ask for, and it is a real exposure for the parent and its shareholders.
- 06
The parent's guarantee is not capped
Under the senior facility documentation, the parent's guarantee of the purchasing company's borrowing is joint and several and uncapped: if the purchasing company cannot repay, the parent could be called on to pay all of it. The guarantee is also to be secured on the parent's own assets, including its shares in the purchasing company and its intellectual property.
- 07
Fraud and non-payment
Funding on the paying customer's own report narrows the room for fraud; it does not remove it. A seller and a customer could act together, or a customer could fail. What we do about it:
- a signed letter and pre-approval for every paying customer;
- at least 10 per cent held back under the eligibility rules;
- repurchase by the seller for its own failings;
- a receivable found to be fraudulent stops counting towards what the lender will lend against, and if the fault is the seller's, the seller must buy it back;
- credit insurance used where it adds protection.
Our fraud controls and incident history are open for review under a non-disclosure agreement.
- 08
Forged reports or payments
Customers email their reports to us. A report or a payment could be forged to look as if it came from a customer. A reported figure that does not turn into cash shows up when the payment falls due.
- 09
Collections pass through the seller's account
Customers pay an account in the seller's own name, and collections sit there for up to a business day before they move on to the purchasing company.
- 10
Income follows the book
Our fees and our return depend on receivables being funded and paid. A weaker book means less income, as well as losses on our own capital.
- 11
One payment platform
The programme's payment accounts are designed to sit on one payment platform, run by regulated payment firms that are not banks. The provider can end the relationship on notice, and moving to another would take time, new documentation and the lenders' agreement. The lender's legal claim over e-money accounts is also less settled in law than over bank accounts.
- 12
A small team
The business depends on a small number of experienced people, and losing one would matter. The platform carries much of the process. For lenders, the senior facility documentation also provides for a standby servicer: a second firm ready to take over the servicing if needed.
- 13
Regulation and law
The programme is designed to run across several countries and legal systems. Changes in payments rules, telecoms rules or the law on selling receivables could affect how it works.
- 14
Volume is not a track record
A cumulative volume figure shows how much has passed through the platform, not how a portfolio has performed over time. Performance data, with its definitions, is available under a non-disclosure agreement.
§ 13Built by people from trade finance, institutional lending and payments technology.
Nine people, three offices.
Lawrence Gilioli
Over 15 years in SME and trade finance. Leads funding relationships, regulatory strategy and deal structuring.
Steven Goumas
Built the platform, the payment systems and the verification layer. Over 20 years in government and enterprise technology, close to a decade of it in financial infrastructure. Gives our live platform walkthroughs.
Mark Cornwall
Over 25 years in institutional lending. Leads the relationships with lenders and sellers.
Majlinda Kolaveri
Group finance and reporting to lenders. Fifteen years internationally as an accountant and CFO.
Paola Sacchi
Leads compliance and collections across the programme.
Mariella Folcioni
Runs the back office and treasury.
Jeffrey McGeachie
Co-founder of Lenderwize. Over 35 years in mergers and acquisitions, early-stage companies and intellectual property.
Miles Andrew
Built much of the platform's infrastructure and runs delivery. The security programme reports to him.
Gautham Peddibhotla
Advises the group on growth and strategy.
Offices: London (headquarters) · Tirana (development) · Melbourne (technology and architecture)
§ 14Words we use, in plain English.
From “receivable” to “servicer”.
- Receivable
- Money a business is owed for something it has already delivered.
- Invoice
- The bill a seller sends, usually at month end. In our model the amount owed is already fixed by delivery and the customer's own report; the invoice records it and asks for payment.
- Seller
- The business that delivered the service and is owed the money; our client.
- Paying customer (debtor)
- The seller's customer, which received the service and owes the money.
- Traffic
- The calls, text messages and data a telecom company carries.
- Switch and switch report
- A switch is the system a telecom company uses to route and count traffic; its report records what passed through it.
- Confirmation letter
- The letter a paying customer signs before any funding. In it the customer agrees that its own switch report is the final word on the traffic it accepted, and the letter names the account it pays.
- Factoring
- Selling unpaid invoices to a finance company, which pays most of their value up front and collects from the customer.
- Invoice discounting
- Borrowing against unpaid invoices while the business keeps collecting from its own customers.
- Paytech
- Payments technology. For us, software that opens and runs regulated payment accounts and moves money by the rules of a contract.
- Electronic money institution
- A regulated firm that provides payment accounts and holds and moves money for its clients, without being a bank.
- Virtual account
- A unique account number that routes into a main account, so each payer is identified automatically.
- SPV (special purpose vehicle)
- A company set up for one job; here, buying and holding receivables. Our purchasing companies are SPVs. Bankruptcy-remote means structured so that a problem elsewhere in the group should not reach its assets.
- Purchasing company
- The SPV that buys the receivables, financed mainly by the lender, with our own capital beneath.
- Programme
- The purchasing company, the lender's funding terms and the rules they agreed, taken together.
- Purchase discount
- The amount by which the price paid to the seller is reduced for being paid early. It pays the lender's interest and the programme's costs.
- Senior secured facility
- A loan agreement under which the lender is repaid first (“senior”) and holds security over the assets it funds (“secured”).
- Senior facility documentation
- The loan agreement and related documents for the senior facility, negotiated between lawyers on both sides.
- Guarantee
- A promise to pay another company's debt if it cannot.
- Lender's agent
- An independent firm that acts for the lender, holds its rights and applies the order of payments.
- Servicer
- The company that runs a portfolio day to day for the lender: checking, buying, collecting and reporting. A delegated servicer does that work on the servicer's behalf. A standby servicer is a second firm ready to take over if needed.
- Holdback
- The part of a receivable's value not paid to the seller until the customer pays; at least 10 per cent under the programme's eligibility rules.
- Borrowing base
- The amount a lender will lend against at any moment, worked out from the receivables that meet its rules.
Take the overview with you, then talk to Lawrence.
Download the company overview
Sixteen pages that explain the business plainly, to read later or share with a colleague.
Download the PDFTalk to Lawrence Gilioli, Chief Executive Officer
For anything this page does not answer, write to Lawrence Gilioli, Chief Executive Officer, at [email protected].
Email LawrenceSee the platform live
Every walkthrough is given live and personally by Steven Goumas, our Chief Technology and Operations Officer, who built the platform, by video call or in person. A walkthrough can be a short overview or a full working session. You will see:
- a receivable rejected by the lender's rules, then one bought;
- the transaction feed, with every transfer tagged;
- a payment held for two-step approval;
- a credit insurance limit being applied;
- a new seller being set up on the platform.
Detailed information under NDA
Further information, including financial information, is available on request under a non-disclosure agreement, after an initial conversation with Lawrence.