Participated · Debt Financing · Sep 2025

Founded in 2023, TRIVER embeds its API-first invoice-financing solution directly into popular SME software, allowing small businesses to convert outstanding invoices into cash in under five minutes. The platform automatically underwrites loans in ten minutes, far faster than traditional banks that can take weeks. TRIVER has integrated with tools such as Xero, Birdie, Clear Books, Elcom, and Soldo, and it works with more than 200 SME lending brokers to broaden distribution. Since launch, the company has served over 1,500 customers, advancing funds on more than 17,000 invoices worth £180 million, and boasts a Net Promoter Score of 94. Fees start at 1.8% for a 30-day invoice, positioning it as both quick and cost-effective versus competitors like MarketInvoice, iwoca, and Fleximize. The new capital will be used to scale partnerships and expand its reach across the UK. With up to £1 billion in annual funding capacity, TRIVER aims to narrow the £150 billion working-capital gap faced by UK SMEs.

Led · Debt Financing · Jul 2025

re:cap is a Berlin-based fintech that offers a Capital Operating System combining flexible debt, real-time liquidity management, and comprehensive capital planning. The platform enables high-growth tech companies to manage capital more effectively and reduce reliance on equity and traditional lending. Since launching in Germany in 2021, re:cap has deployed over €100 million across Germany and the Netherlands and maintains a zero-default track record. The company was founded by Paul Becker and Jonas Tebbe and has built market-leading credit decisioning software underpinning its loan book. With the new funding, re:cap plans to integrate capital, planning, and execution into a single system and expand into the UK to serve startups facing rising interest rates and investor scrutiny. The product also provides access to non-dilutive capital and real-time planning tools for founders and CFOs across Europe. re:cap provides a financing and data insights platform that combines alternative debt financing with decision-making tools for institutional investors and their portfolio companies. The platform serves tech and services businesses in Germany and the Netherlands and offers features such as real-time cash-flow monitoring, cash-based profit-and-loss statements, and runway and profitability insights. Institutional clients use re:cap Institutional to monitor portfolio cash flow in real time, automate data collection and processing, and set up smart early-warning systems; early customers include London-based Avellinia Capital and Channel Capital. Portfolio companies gain an out-of-the-box solution for holistic cash management. The company has launched Cash Insights as a standalone cash-flow management software product, which was previously available only alongside re:cap’s alternative funding. re:cap was founded by Paul Becker (CEO) and Jonas Tebbe (CPO) and is based in Berlin, Germany. Re:cap offers a revenue-based financing platform that lets recurring-revenue companies, initially SaaS businesses, access non-dilutive upfront cash. Its first product is live and can convert up to 50% of a company’s ARR into instant cash while enabling institutional investors to buy recurring revenues. The platform emphasizes fully automated underwriting and transaction processing. Re:cap raised a $111.5M Seed financing round comprised of growth capital and liquidity and earlier completed a pre-seed in May. The new capital will fund team expansion, product development, and entry into additional European markets from its launch base in Germany. Founders Paul Becker (CEO) and Jonas Tebbe (CPO) previously built the LIQID fintech startup, and the company reported securing $100M of liquidity at launch.

Participated · Debt Financing · Feb 2025

FINN operates a multi-brand car subscription service that lets customers subscribe to vehicles fully online with insurance, registration, taxes, and servicing bundled into a single monthly fee and flexible cancellation. The platform features more than 25 brands including BMW, Mercedes-Benz, Hyundai, BYD, and MG. FINN has grown rapidly since its 2019 founding in Munich, reaching over 50,000 active subscriptions and annual recurring revenue of more than €300 million. Reported revenue rose from €3.2 million in 2022 to €444 million in 2024, representing a two-year compound annual growth rate of 1,078%. The company employs roughly 484 people as of 2025 and plans to expand its subscription fleet, improve profitability, and continue enhancing its technology. FINN faces competition from players like Sixt+, Onto, and Free2Move and acknowledges macroeconomic sensitivity given subscription pricing versus traditional leasing.

Led · Debt Financing · Jun 2023

Sprinque provides a white-label pay-by-invoice solution that merchants can embed via API plugins (Magento, Prestashop, WooCommerce). The platform performs instant fraud and credit risk assessments (reported +90% approval rate) and issues revolving credit lines buyers can use for multiple purchases. Sprinque takes on defaults and fraud risk and pays merchants when the final invoice is issued, automating the end-to-end pay-by-invoice process. Its offering is positioned to raise conversion and retention for B2B e-commerce sellers. The company cites strong market tailwinds as B2B payments topped an estimated $900 billion in 2021 and are forecast to exceed $1.6 trillion by 2028. Reported plans include further expansion of the pay-by-invoice solution across Europe and in core merchant markets of Germany, Spain, and the Netherlands. Sprinque provides a white-labeled B2B payments platform that lets merchants and marketplaces offer Pay by Invoice with net payment terms online without taking on additional risk or increasing operational overhead. On the buyer end the platform performs real-time fraud and credit risk assessments and achieves a +95% approval rate when buyers create accounts or select Pay by Invoice at checkout. When approved, Sprinque issues a revolving credit line that buyers can use for multiple purchases and pays the merchant when the final invoice is issued, assuming the default risk. The solution can be fully embedded via APIs and through Magento, Prestashop and WooCommerce plugins, or operated offline via a Merchant Control Center. The company is led by CTO Manoj Tutika, CPO Mark Holleman, and CEO Juan Espinosa. Sprinque intends to use the new funding to expand its Pay by Invoice solution across Europe. Sprinque offers a digital checkout infrastructure that aims to make B2B transactions as frictionless as consumer e‑commerce, delivered as a single‑integration SaaS. Its checkout supports business-specific options such as net 30/60/90 terms, split payments, milestone payments and Pay by Bank. The platform automates payment workflows and includes an option for merchants to get instantly paid. The team positions the product to serve B2B marketplaces and merchants moving to digital channels, citing rapid marketplace growth in Europe. Sprinque was founded in 2021 by Juan Espinosa (CEO), Manoj Tutika (CTO) and Mark Holleman (CPO), who met at Antler Amsterdam. The company has a waiting list of prospective clients and plans to use the funding to build out the product and onboard those first customers.

Led · Debt Financing · Apr 2022

RITMO offers working-capital financing and an automated Buy Now, Pay Later (BNPL) payment system embedded into e-commerce merchants' operations to help manage cash flow, extend supplier payment terms, and scale. The platform targets e-commerce businesses facing supply-chain challenges and provides non-dilutive growth capital as an alternative to VC, venture debt, or bank loans. RITMO has secured partnerships and access to more than 150,000 merchants and launched a £100 million growth package with WorldFirst for UK and European businesses. The company plans to use new funding to support rapid growth, fund over 2,000 e-commerce clients in key European and LATAM countries over the next 18 months, and expand into new markets via agreements with payments and e-commerce players. Financially, RITMO closed a $200 million debt facility that brings its total debt and equity funding to $225 million in its first year of operations. The startup was founded in 2021 and is headquartered in Madrid. Ritmo provides non-dilutive, revenue-based growth capital of up to €3 million to digital businesses, with approval in less than 24 hours and repayment tied to a percentage of monthly sales. The firm supplements financing with an AI-powered analytics tool delivered via APIs to help entrepreneurs make decisions and to manage risk. Ritmo currently serves e-commerce, D2C, and marketplace sellers and plans to expand to apps and games makers, SaaS platforms, and subscription-model businesses. Founded in late 2020 and based in Madrid, the startup reports a current growth rate of 2x month-on-month. The company builds repayment flexibility into its product by extending repayment periods when a seller's sales decline. The recent fundraise is intended to fuel international expansion into new European and LATAM markets. Ritmo offers non-dilutive, revenue-based financing and growth tools tailored to digital businesses, primarily e-commerce and SaaS. Its products include Marketing Advance for e-commerce and MRR lines for SaaS, advancing up to €2M based on business metrics. Repayments are made via a small percentage of future revenues (no fixed monthly fees) plus a total commission of 6%. Ritmo’s underwriting relies on AI that analyses company data and marketing performance to make funding decisions. The company reported agreements to finance more than €5M in its first five months and has a nine-person team. It will use the new capital to evolve its AI models and product and to expand into new markets, and aims to finance €15M to digital businesses during the year. Ritmo’s balance sheet/financing structure is a hybrid of capital and venture debt to support growth and operations.