Ledgerline
Series A · 2026
Series A · 2026

Credit that lives
inside the invoice

Ledgerline underwrites SMBs on the invoices they already send — a working-capital line that appears exactly where the cash gap does.

$9M
annualized originations
$1.2M
revenue run-rate
$12M + $30M facility
raising
01 / 20
The problem

Small businesses float their customers 45 days of free credit — then get declined for it by their own bank.

The invoice is both the cause of the cash gap and the best underwriting data that exists. Banks read neither.

02 / 20
Why now
$900B

in unmet US small-business credit demand (Federal Reserve Small Business Credit Survey, 2025) while invoice data went fully API-readable for the first time.

03 / 20
Product

One click between “sent” and “funded”

01
In-flow offers
A fund-now option on every qualifying invoice, priced per-payer.
02
Payer-graph pricing
We underwrite the payer’s history, not just the borrower’s.
03
Auto-settle
Repayment rides the invoice payment itself.
[ SCREEN — invoice with offer ]
04 / 20
How it works
STEP 01
Connect
Invoicing + bank in 5 minutes.
→
STEP 02
Score
Payer graph prices each invoice live.
→
STEP 03
Advance
80–90% funded same day.
→
STEP 04
Settle
Payer pays; the line clears itself.
05 / 20
Traction

Credit performance through 20 months

01
$9M
annualized originations
02
$1.2M
revenue run-rate
03
1.4%
net loss rate
04
640
active borrowers
05
11.2
draws / borrower / yr
06
92%
repeat draw rate
06 / 20
Growth

Monthly originations, trailing 15 months

Apr ’25JunAugOctDecApr ’26Jun
07 / 20
Unit economics

Per-draw economics at today’s book

MetricValue
Avg. advance$8,400
Fee (30-day equivalent)2.4%
Net loss rate (of volume)1.4%
Cost of capital0.6%
Net margin per borrower / yr$470
08 / 20
Market · Fed SBCS 2025

$470B annually invoiced by underserved US SMBs

0100%
34%
58%
SOM — services SMBs on cloud invoicing 8%
SAM — B2B invoice-led SMBs 34%
TAM — SMB working capital 58%
09 / 20
Competition
Ledgerline
Fintech term loans
Factoring
Bank LOC
Point-of-need distribution → ↑ Underwriting precision
10 / 20
Moat
01
01

Payer graph

210k scored payers — every funded invoice prices the next one better.

02
02

Embedded rails

Native inside 3 invoicing platforms; the offer is a button, not a bank visit.

03
03

Self-settling loans

Repayment attached to receivables keeps losses at 1.4%.

11 / 20
Platform partners

Where Ledgerline is the financing tab

10 partners
[ logo 01 ]
[ logo 02 ]
[ logo 03 ]
[ logo 04 ]
[ logo 05 ]
[ logo 06 ]
[ logo 07 ]
[ logo 08 ]
[ logo 09 ]
[ logo 10 ]
12 / 20
“
Customer proof

“My biggest client pays in 60 days, my crew gets paid Friday. Ledgerline closes that gap the same afternoon I send the invoice — at a fee I can price into the job.”

Marcus Bell
Owner, Bell Commercial Electric (18 employees)
13 / 20
Business model

Revenue build per borrower-year

Draw fees
+ Subscription tier
+ Instant-payout
Total
sources uses ending
14 / 20
plan
The plan

Every invoice becomes a credit decision

The facility funds the book; the equity funds the graph. Both compound.

15 / 20
Roadmap
Now
$30M facility live
Committed warehouse with a credit fund.
H2 2026
Two more platforms
Embedded reach to 300k SMBs.
2027
Payer-side product
Early-pay discounts funded from the same line.
2028
Forward flow
Sell seasoned book; recycle equity capital.
16 / 20
Team
[ photo ]
Nina Alvarez
CEO — ex-Square Capital
[ photo ]
Raj Patel
CTO — ex-Affirm risk platform
[ photo ]
Susan Wu
Capital markets — ex-Upstart
[ photo ]
Colin Marsh
Credit — 15 yrs SMB lending
17 / 20
Financial plan

Originations with this round

$120M
annualized exiting 2028
25
50
75
100
$9M
$16M
$27M
$46M
$74M
$120M
H1 ’26H2 ’26H1 ’27H2 ’27H1 ’28H2 ’28
18 / 20
Use of funds

Deploying $12M equity over 24 months

0100%
38%
30%
32%
Risk + engineering 38%
Platform partnerships 30%
First-loss + ops + buffer 32%
19 / 20
Ledgerline

Send the invoice. Skip the wait.

nina@ledgerline.com · ledgerline.com
[ QR ]
20 / 20