About
Credit that behaves like credit
24 loans to businesses that sell something, funded by people who read the credit memo before they commit. Fixed rate, fixed term, a schedule you can check instalment by instalment, and a public record that includes the one we got wrong.
- Lent to date
- $269k
- Paid on time
- 87.5%
- Weighted coupon
- 10.08%
- Loss rate
- 4.5%
16,168 BSV
Instalments by their due date
Across every closed loan
Principal in default, before recovery
What it does
Three loans, three different problems
The clearest description of a lending platform is the loans it has actually written.
A harvest, financed in dollars
Pickers, a press slot and freight are all paid in October and invoiced in euros and won. The grocers settle in February. Doremi draws dollars to carry those four months, secured on pressed stock in bonded storage and on six assigned standing orders. The oldest working-capital problem there is, priced like one at 9.50%.
Read the listingInventory, secured on the inventory
Sixty-two per cent of a manufacturing run was pre-sold to distributors in five countries before a single board was assembled. The loan bought the components. A first charge over the stock in a bonded warehouse, with the distributor orders assigned on top, is why the cheapest money on this platform went here at 7.50%.
Read the listingThe one that failed, still published
The clinical pilot did not clear ethics review. The loan is in default, the case is open, and lenders are voting on the recovery route. The credit note that graded it too generously is still at its own address, with the reviewer's written account of treating a substantive regulatory question as a procedural one.
Read the listing
What you get
What this platform can do that a pool cannot
Read the memo before you commit
Every loan carries an independent credit note: a named reviewer, a grade from A to D, and the full reasoning including what argues against it. Published before a satoshi can be lent.
How grading worksA coupon that is actually a coupon
Interest is fixed in dollars at drawdown and paid in MNEE, a dollar stablecoin issued on BSV. Principal comes back in whatever the borrower drew. A price move changes what your principal is worth and not what your coupon pays.
Why two currenciesArgue with the borrower
Every live loan has a room where lenders and the borrower talk. Anyone can read it; anyone holding a position can post. Borrowers are required to disclose a missed instalment within 72 hours, and the platform computes whether they did.
See lender chatVote on what happens when it goes wrong
A default opens a case. Lenders and the borrower file evidence into a record nobody can edit, the arbitrator publishes a recommendation, and lenders vote on the recovery route weighted by principal. The vote binds the platform.
Read the case fileTake the loss with us
The Builders Fund holds a first-loss tranche subscribed by BitBacker itself. When a grade is wrong on a fund loan, the platform loses money before its lenders do.
How the fund worksCheck the arithmetic
Every instalment is a transaction on a public ledger, and every schedule is derived from the terms rather than typed in. The fees page works its own example through against a real loan you can open.
See the worked example
How we make money
An origination fee from the borrower at drawdown, a servicing fee taken out of the coupon, and a recovery fee only on money actually recovered through arbitration. Nothing is taken from the spread: the borrower’s rate and the lender’s rate differ by one disclosed fee and nothing else, and the fees page works the whole thing through on a loan you can open and check.
Why this runs on BSV
Because the instalments are small and there are thousands of them. A twenty-four-month amortising loan is twenty-four payments split across a hundred and forty lenders: three and a half thousand transfers over the term, each one a fraction of a coupon. On most rails the fees on that eat the return. Here they do not, and every one of those transfers is on a public ledger, so a lender can reconcile a schedule transaction by transaction rather than take a statement on trust.
The dollar leg runs on the same chain. MNEE is a USD stablecoin issued on BSV, redeemable one-for-one and collateralised in US T-bills and cash, which is what makes it possible to pay a coupon in dollars without leaving the ledger the loan lives on.
Four things we will not do
Stated once and kept short, because a page that spends its length on what it refuses has not said what it is for.
- Lend to anything that only exists on a chain. No protocols, no funds, no yield strategies, nothing whose revenue is other people’s deposits. Every borrower here sells something to somebody.
- Take a cut of the spread. One disclosed fee, on a page with a worked example.
- Hide a default. The loan that failed stays up, at its own URL, with the credit note that mis-graded it and the reviewer’s written account of the error.
- Hold your keys. Identity comes from your wallet. BitBacker never sees a private key and has no facility to generate, store or recover one.
Who reads the loans
Credit reviewers are named on every note they write and are not employees. A note is a person’s opinion with their name on it, which is the only kind worth publishing, and the one that went wrong has their account of it attached.
Marguerite Okonjo
Arbitration and credit
Fourteen years in workout and restructuring at a European mid-market lender before this, which is a polite way of saying she has watched a lot of these go wrong. Writes the credit notes on the smaller book and runs arbitration.
Abhi Sridharan
Credit review
Eleven years across SME lending, supply-chain finance and early-stage software. Reviews on a non-exclusive basis: he is not an employee, which is the point of an independent note.