What stands between your capital and a loss.

1. 1Creditworthy borrowers only.

   The first layer is not a legal document. It is the decision about who gets funded at all.

   The underlying borrowers are established, creditworthy businesses in mature industries: accounting firms, professional practices, payment providers with years of trading history. Not startups, not speculative ventures, not rescue finance.

   Most lending risk is decided at this moment, before a dollar moves.

   Example

   A multi-partner accounting firm with a decade of trading generates $7m a year. Clients pay on 60-day terms, so about $1.2m sits in receivables at any time: predictable, non-discretionary work, spread across many small invoices with minimal concentration risk.

   This is the firm Whole Ledger Funding is built for. It borrows against those invoices to fund growth, and as the invoices are paid, so is the debt.

2. 2Underwriting to institutional standards.

   Each Credit Originator applies a rigorous credit assessment to every borrower before a dollar is lent.

   Profitability, cash flow and balance sheet metrics, stress-tested; for receivables strategies, a granular view of the receivables themselves. Apxium applies credit ratings built on institutional ratings standards (S&P, Moody's, Fitch) before any approval.

   InvoiceMate grades every borrower across fourteen criteria, from financial strength and track record to technology, operational controls and key-person reliance.

   Example, from Taxation Payment Funding

   A profitable medical clinic wanted to expand, but a large tax bill from its best year yet stood in the way. A TaxPay loan converted the upfront obligation into twelve monthly instalments, freeing the cash to invest.

   Assessed, stress-tested, rated, then approved.

3. 3Institutional money assessed it before yours arrived.

   Kasu works with Credit Originators who attract institutional senior debt, because nothing validates credit like an institution lending its own money.

   Rixon Capital, a Sydney-based institutional credit fund, ran its own due diligence on Apxium and Kasu. The result: a senior facility for Apxium's Australia-based Lending Strategies, with the option to scale to A$40m.

   Lenders on Kasu participate in the same capital stack through Mezzanine and Junior rankings, with the benefit of Rixon's underwriting and its ongoing covenant and risk monitoring. Applies to Apxium's Australia-based Lending Strategies.

   For Payment Financing, the validation comes from New York: Cicada Partners, a credit manager with more than $860M underwritten, spent months underwriting InvoiceMate before lending against its PayFi book, through an institutional credit fund backed by Ripple, and rated it in the top quartile of borrowers it assesses.

   Institutions do not validate marketing. They validate structure.

   Plain-English version

   Think of it like buying into a building a bank has already lent against after doing its own valuation. You are not relying on the seller's story. Someone with real money at stake checked it first.

4. 4Security & recourse.

   Each Credit Originator's facility documentation establishes security and recourse arrangements that help protect against borrower default.

   The instruments vary by strategy: equitable assignments over receivables, set-off rights, guarantee and indemnity, directors' guarantees, step-in rights, post-dated cheques, payments made directly to the tax authority. Exceptions apply, and each strategy lists its own set below.

   The record: in nine years of lending, Apxium has not suffered a single loss. In three years, InvoiceMate's only losses were 0.2% on an unrelated SMB strategy, touching a sliver of interest and no principal.

   Two honest notes. Rights are exercised where recovery justifies the cost. And where a borrower also has a senior secured bank, the bank ranks ahead.

   Example — the recourse cascade

   An accounting firm borrows against invoices its clients pay over ten months. If a repayment is late, Apxium debits the firm's account under its Direct Debit Authority. Any shortfall is recovered from the firm's unfunded collections under its Set-Off Right.

   Behind those stand a Guarantee & Indemnity, Directors' Guarantees, Step-in Rights, and a Right to Perfect Title over the end debtor.

5. 5Technology that cuts risk at the source.

   Kasu works with Credit Originators whose own technology improves borrowers' financial workflows, cutting risk at the source.

   Apxium's receivables automation reduces debtor days by up to 50% before a dollar is lent, and its payments technology remits TaxPay funds directly to the tax authority, eliminating funds-diversion risk.

   InvoiceMate integrates with borrowers' books and gates every remittance through a verification engine that cross-checks both order books, with concentration and counterparty checks, before funding.

   Example

   A Payment Service Provider with a twenty-year history processes up to $21b across the UAE–India remittance corridor. Traditional lenders lack the technology to manage risk in payments moving that fast.

   InvoiceMate pre-funds only approved payments already in flight, waiting hours to three days to clear, with every transaction gated before funding.

6. 6Covenants the borrower must keep meeting.

   Facilities carry covenants: financial and reporting conditions the borrower must keep meeting for the life of the loan, not just on the day it is signed.

   Covenants work like smoke alarms: calibrated to trip early, while a problem is still small. The borrower reports on a set cycle, the originator's collections technology sits in the middle of every repayment, and the institutional senior lender monitors independently.

   When something drifts, a private lender can act: tighten terms, stop drawdowns, begin collections. A bondholder can only watch the price fall.

   Example

   TaxPay borrowers must maintain a debt service coverage ratio of at least 1.1x, reported on an ongoing basis. The moment it slips, an assessment follows: a cure period, or immediate debt reduction.

Lent through the platform's strategies to date

$17.57M

Apxium's lending track record, through rate cycles and a pandemic, with not one realised loss

9+ yrs

Lender losses to date, across all lending on Kasu

Zero

Shows its own specific list of protections in the app, before you commit anything

Every strategy

Figures as at 14 September 2026, from the same source as the app, and verifiable on request. Past performance does not guarantee future results. Capital is at risk.