[NoboruWataya]

I'm always interested in attempts to streamline or automate the credit process as I know it can be a regulatory minefield (certainly in Europe, I assume it's the case in the US as well though maybe to a lesser extent). You mention you have an endpoint that ensures a credit offer is legally compliant - do you guys hire the lawyers to verify that (and more generally are you the ones drafting the template credit agreements) or is that something your customer has to do?

Also curious how this works if the original lender wants to syndicate or sell the loan - is this possible on your platform?

[jess-zhang]

we've a pretty robust compliance team to verify and make sure that our APIs reflect the latest regulatory requirements and state/fed thresholds. we also always go back to the source, ie read all the applicable state & federal laws to cross check everything. i can talk all day about Michigan's Act of Credit 1942 lol

bcus of this, our customers lean on us heavily for compliance - we replace at least 0.5-1 compliance headcount for them, plus all the legal dollars...

[jess-zhang]

and to ur 2nd question - yes, we integrate closely with debt providers & SPV setups and are the 'neutral' source of ledger here too. depending on the set up, we can pull funds from lender or debt facility accounts, and put receivables with SPVs, syndicates or whatever the designated entity is