REVENUE IS
THE PITCH.
non-dilutive capital, priced against what you’ve already built.
Revenue-Based Financing gives post-seed scaleups capital priced against the revenue they have already built. No equity given up. No personal guarantees. No multi-month roadshow. Repayments scale with how the business is actually performing. Revenue-Based Financing is one of three Capital Pathways Liquidity Club delivers to qualified Members.
CAPITAL THAT BREATHES WITH THE BUSINESS.
Revenue-Based Financing is a category of non-dilutive capital where a company receives upfront funding in exchange for a percentage of future revenue, paid back until a fixed cap is met.
The structure is simple. A capital provider deploys an agreed amount. The borrower pays back a small percentage of monthly revenue, typically single-digit percentages, until a fixed multiple of the original amount has been repaid. There’s no equity, no board seat, no founder personal guarantee in most structures.
The repayment scales with the business. Faster months pay it down faster. Slower months are smaller payments. The capital doesn’t crush the company on its worst quarter.
NON-DILUTIVE. REVENUE-ALIGNED. FAST.
No Equity Given Up
The cap table doesn’t change. No new investors, no new board seats, no preferences stacking up against the founders. RBF is debt-like in structure, equity-free in outcome.
Revenue-Aligned Repayment
You pay back as you earn. Strong months pay it down faster. Slow months are smaller payments. Capital that breathes with the business instead of crushing it on a fixed schedule.
Decisions in Days
Days or weeks, not the multi-month slog of a priced equity round or a venture debt facility. The application is the financial data the company already has.
No Personal Guarantees
Most RBF structures carry no founder PG, no collateral lien, and no covenant package that puts the company in technical default for missing a forecast. The risk is priced into the cap.
Fixed, Knowable Cost
The repayment cap is set at issuance. You know exactly what you’ll pay back in total. No surprises, no escalating interest, no rate triggers buried in a credit agreement.
Underwritten on Performance
Your existing revenue is the application. No deck performance, no narrative gymnastics, no quarterly milestone roadshow. The capital is priced against what the business has already proven.
The capital is real. So is the cost.
RBF is not free money. The cost is built into the repayment cap. The advantage is structure: you pay it back through the business, not through a fundraise. The trade is honest. Capital now in exchange for a fixed multiple, paid as a percentage of revenue. If the business model can absorb the share, this is a real alternative to giving up equity.
STRUCTURED. CURATED. END TO END.
qualification, structuring, and ongoing oversight.
Liquidity Club gives eligible Members access to revenue-based capital through a network of capital providers vetted for terms, speed, and structural fit with post-seed scaleups. Members don’t navigate this on their own. The Club’s Member Success Service handles qualification, supports the structuring conversation, and brings the right capital provider to the right scaleup.
The model is built for Members with established recurring revenue and predictable revenue patterns. Repayment scales with monthly revenue. Capital flows in at structuring. Repayments resolve as the cap is met.
Qualify
Your Member Success Coordinator reviews revenue, runway, and fit for RBF.
Structure
Capital amount, repayment cap, and revenue percentage are structured to fit the business.
Deploy
Capital is deployed to the Member.
Repay
Repayments scale with monthly revenue until the cap is met.
WHO THIS IS FOR.
This is a fit if you’re building this way:
- Established recurring revenue across multiple quarters
- Predictable revenue patterns (subscription, recurring, or predictable transactional)
- Comfortable trading a percentage of future revenue for upfront capital
- Need growth capital that doesn’t require an equity round
- Margin profile that can absorb a single-digit revenue share
This isn’t a fit if:
- You’re pre-revenue or revenue isn’t yet established
- Revenue is highly seasonal, lumpy, or unpredictable
- Margins are thin and a revenue share would impair operations
- You need a very large capital infusion (RBF is sized for growth funding, not Series A replacement)
- You don’t have a clear use of funds that will return enough to cover the cap
READY TO USE YOUR REVENUE?
Revenue-Based Financing is one of three Capital Pathways available to Liquidity Club Members. If your scaleup has the revenue to support it, request an invitation and we’ll route you to the right conversations.