Receivables (A), trade finance (B), IP/structured credit (C), tokenized instruments (D) — mapped, combined, and ranked. Collateral is the contracts and receivables, never the raw data. Route D splits: D1 (tokenized data access as investment) is a security; D2 (tokenized receivable as settlement, paid in a regulated stablecoin) is not.
| Route | Instrument | Eligibility (key criteria) | Data caveat | Fit |
|---|---|---|---|---|
| A — Receivables / WC | Receivables financing | 12+ mo recurring licence revenue; 3+ counterparties; assignable terms; counterparty ≥ BBB | Data must be owned or exclusively licensed by seller. Revocable-at-will licences weaken underwriting. | High |
| Invoice discounting / factoring | Invoices 30–180 days; no disputes; diversified base (<30% single buyer); portfolio ≥ €500K | One-time data-pack sales easier to factor than subscription AR. | ||
| Revenue-based financing | $2M+ ARR; 100%+ YoY growth; clean payment processor | Best for SaaS-style subscriptions with high NRR. Not for one-time packs. | ||
| B — Trade / Supply Chain | LCs / doc collections / supply chain finance | Cross-border service contract; bank-credit-quality counterparty; documented terms | Applies where a cross-border data service contract exists with a sovereign or systemically important bank counterparty. Reverse factoring or standby LC becomes a viable complement to Route A. | Low |
| C — IP / Structured Credit | IP-backed lending | Owned IP (patents, software copyrights, algorithms); 10–30% advance; enforceable jurisdiction | Data is not traditional IP. Algorithms, KPIs, and platform software copyrights are the closest analogues. Raw data is not financeable. | Moderate–High |
| Structured credit (licence revenue) | 3+ yrs revenue; diversified (<20% single licensee); non-revocable, assignable contracts; credit enhancement | Requires non-revocable, written licence terms. GDPR/PIPL: only aggregated, anonymised data can be pledged. | ||
| D1 — Tokenized data access (investment) | Token representing share in future data revenue, sold to investors | — | Security (Howey / MiFID II). GDPR restricts underlying asset. No secondary market. Not viable. | Not viable |
| D2 — Tokenized receivable (settlement) | Specific invoice/receivable tokenized as digital bill of exchange; paid in PPSI-issued (US) or MiCA-authorized (EU) stablecoin; token extinguished on payment | Bilateral; fixed return (face value); no common enterprise; non-transferable; settled in regulated stablecoin; fiat off-ramp available | Not a security. GENIUS Act §2(22); MiCA Title IV. B2B cap exclusion applies. 2026: first year of practical B2B default. Pooled → becomes securitisation. China: not viable (Yin Fa [2026] No. 42). | Moderate |
Start with A. Layer C as the business matures. Add D2 as cross-border revenue grows and the customer base is open to it.
Best for cross-border licensors with 12+ mo revenue and ≥1 non-domestic customer.
High Both parties must accept a regulated stablecoin; off-ramp required
Best for any licensor with 12+ mo recurring revenue, assignable contracts, diversified base.
High Simplest. No token infra. Default starting point.
Best for 3+ yrs revenue, defensible IP, diversified licence base.
Mod–High Non-revocable, assignable contracts; clean IP chain
Best for strong IP but limited receivable base.
Moderate Subjective IP valuation; no recurring revenue to service debt
Best for $10M+ ARR, cross-border, defensible IP, stablecoin-ready.
Moderate Most complex; 2+ jurisdiction legal/tax analysis
Best when no capital raise is needed — pure settlement optimization (T+0 vs T+30/60/90).
Low–Mod No capital raise. Pure settlement optimization.
Best for cross-border service with sovereign / systemically important bank counterparty requiring LC.
Low Route B rarely applicable to data
D1 is a security in every major jurisdiction. Tokenized data access sold to investors fails Howey / MiFID II analysis and has no viable path.
N/A
Answer each question. The gauge updates in real time. Items 11–12 are only scored if D2 (tokenized receivable settlement) is in scope.