Capchase

Capchase uses both structures. Its core product is a forward-purchase agreement where Capchase buys a portion of a company's contracted future revenue at a discount, advancing the cash upfront. It also offers a traditional term-loan product for more established borrowers and Capchase Pay, which allows software buyers to pay for annual contracts in monthly installments while Capchase pays the vendor upfront. The mix depends on the borrower's revenue composition and customer payment terms.

Capchase requires read-only API access to the borrower's billing platform, accounting system, and business bank accounts. The firm pulls daily revenue, churn, and cash-flow data directly from these systems rather than relying on quarterly statements or founder-provided projections. This continuous data feed allows Capchase to adjust credit limits dynamically as the borrower's revenue composition changes.

Capchase explicitly does not take equity, warrants, or board seats. The financing is priced as a fixed discount against future receivables or a fixed interest rate on term loans. This non-dilutive posture is central to its positioning — the firm competes with venture capital as a funding source, not by participating alongside it.

Capchase targets B2B SaaS and subscription-based businesses with at least $200,000 in annual recurring revenue and contracted or predictable revenue streams. The firm has financed companies including Lattice, Dooly, Maze, and dozens of other venture-backed startups. It operates primarily in North America and Western Europe, with concentrations in the US, UK, and Spain.

The May 2024 partnership embeds Capchase's revenue-advance underwriting engine directly into Stripe Capital's marketplace. Stripe merchants — who already process payments through Stripe and share revenue data — can now access Capchase advances without leaving the Stripe dashboard. This significantly expands Capchase's addressable base, as Stripe serves over three million businesses globally.

Capchase operates a hybrid capital model. The firm raised debt facilities from Credit Suisse ($400 million, 2022) and Deutsche Bank to fund its advances, and also runs a secondary market where institutional investors can buy portions of existing revenue-advance positions. The platform itself does not take outside LP equity in the traditional fund sense — it is a lending operation with warehouse lines distributed through a data-driven origination engine.

Underwriting at Capchase is primarily algorithmic, driven by the data feeds from borrowers' billing and accounting systems. The founding team — Miguel Fernandez (CEO), Ignacio Moreno, Luis Basagoiti, and Przemek Gotfryd — oversees the risk framework and platform strategy. The firm has not disclosed a separate credit committee or chief investment officer; the platform model embeds approval logic in the software.