Iridium Credit, a provider of verification infrastructure for the invoice finance market, has secured $3m in a funding round jointly led by Field Ventures and MGV.
The company uses agentic technology to check each invoice a lender finances against its supporting documentation, confirm it with the debtor, and track it all the way through collections and cash posting. Iridium says this approach makes reviewing a lender’s entire book less expensive than manually reviewing only a portion of it.
According to Iridium, gaps in manual verification have held back invoice finance in the US. The practice, in which a business sells an unpaid invoice to a lender at a discount in exchange for immediate cash, accounts for just 2% of US GDP. By comparison, it reaches 14% in Chile, which benefits from a government e-invoicing registry.
The firm attributes this gap to the difficulty of confirming that invoices are genuine. Manual checks cost a factor roughly $22 in staff time per invoice, meaning only around 20% of invoices are verified, and smaller invoices are frequently left unfunded. A common workaround, confirming that an invoice appears on the debtor’s ledger, can take between two and three weeks and does not involve reviewing the underlying paperwork.
Unchecked invoices have created exposure running into billions of dollars. Iridium pointed to First Brands, which when it filed for bankruptcy in September 2025, it held $2.3bn in factoring liabilities. Point Bonita Capital, part of Jefferies’ Leucadia Asset Management, had been factoring First Brands invoices owed by retailers such as Walmart, AutoZone and O’Reilly, and reported exposure of around $715m. A court-appointed examiner concluded that lenders purchasing these receivables generally did not view the original invoices or cross-check the data against those in First Brands’ own database.
Iridium’s platform processes whichever documents accompany an invoice, such as a rate confirmation and bill of lading in freight, a timesheet in staffing, or a purchase order for product businesses, and confirms that amounts, dates and parties match. It compares each invoice against the lender’s full funding history to identify duplicates submitted under new numbers or loads billed twice. Debtor confirmation requests are sent white-labelled under the lender’s or client’s name. Costs are reduced because the checks are run agentically instead of through staff hours, while the model adapts to industry-specific fraud patterns, meaning a freight portfolio and a staffing portfolio are assessed differently.
Any invoice that fails a check is escalated to a human reviewer, with the discrepancy flagged and source documents attached. A record of every check, contact and decision is kept with the invoice for the lender’s bank, auditors or credit committee. The platform sits on top of existing lender workflows, integrating with FactorSoft and FactorCloud so that lenders can continue using their current systems.
The new capital will support the rollout of Iridium across US invoice finance lenders and the development of its payment intelligence network. This cross-industry layer of verification and payment data is designed to detect fraud that individual lenders cannot spot alone, and to support the banks, private credit funds and vertical platforms entering the market.
Iridium co-founder and CEO Anthony Eden said, “Invoice finance has only reached a fraction of its potential because the manual operations underneath it are not scalable. Instead of laborious sampling, every invoice should be systematically verified, with a full audit trail and a human in the loop for the judgment calls. That’s the infrastructure we’re building.”
MGV co-founder and managing partner Marc Schröder said, “Invoice finance should be one of the largest credit markets in the country, but it has been constrained by the manual bottleneck of verification, and the losses of the past year are what that bottleneck costs. With Iridium, verification stops being rationed, so the amount of capital that can safely enter this market grows.
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