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.
Why this is open
Yieldstreet climbed up-market into ten-thousand-dollar private-credit funds. The pure-play invoice marketplaces died. Only on-chain players remain. Meanwhile, bank and accounting data turned underwriting into infrastructure you can buy. The gap is not technology — it is a standardized rail that lets thousands of small factors syndicate the deals their balance sheet can't hold.
From invoice to investable note
Four steps, minutes not weeks. Every decision is explainable and on a transparent ledger.
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 →