● Working prototype · archived demo
Tessera*
The syndication rail for invoice finance.
Factoring shops originate receivables, then run out of capital to fund them. Tessera underwrites each invoice into a graded, investable note — so originators never turn away a deal, and accredited capital earns short-duration yield backed by real invoices.
From invoice to investable note
Four steps, minutes not weeks. Every decision is explainable and on a transparent ledger.
01
Originate
A factoring shop submits an invoice — debtor, amount, terms, and a cash-flow profile.
02
Underwrite
A real expected-loss model (PD × LGD × EAD) grades the note A–E, sets the advance, and prices the yield.
03
Syndicate
Approved notes list to accredited investors, who fund them fractionally — capital reaches the originator same-day.
04
Settle
When the debtor pays, investors earn principal plus yield. Losses are absorbed by grade-priced reserves.
The underwriting
A real credit model, not a score
Every invoice is priced on probability of default, recourse-aware loss-given-default, dilution, and a stressed reserve — calibrated to factoring norms, IFRS-9 shaped. The advance and yield fall out of the loss math, and paper that can't price within market tolerance is declined.
See how it works →Expected lossPD × LGD × EAD
Advance ratestressed reserve, 10% floor
Yield buildfunding + EL + servicing + premium
Hard gatesverification, concentration, fraud
Owntheyield.*