Iridium Credit Brings Every-Invoice Verification to US Factors, Backed by $3M Round Co-Led by Field Ventures and MGV
New York (October 7, 2026) -- Iridium Credit, the verification infrastructure for invoice finance, today announced a $3 million round co-led by Field Ventures and MGV. Iridium verifies every invoice a lender funds against its source documents, confirms it with the debtor, and carries it through collections and cash posting, at a cost that makes checking a lender’s whole book cheaper than hand-checking part of it.
Incomplete, manual verification constrains invoice finance in the US to a small fraction of its potential and puts the country far behind others. A manual check costs a factor about $22 in staff time, so only about one in five invoices is currently verified and small invoices often cannot be financed at all. The common shortcut is confirming that an invoice has been posted to the debtor's ledger, which can take two to three weeks and doesn’t actually examine the documents behind it. For these reasons, invoice finance only reaches 2% of GDP in the United States today, compared to 14% in Chile, where a government e-invoicing registry means invoices arrive already verified.
The invoices nobody opens are where the losses start. First Brands filed for bankruptcy in September 2025 carrying $2.3 billion in factoring liabilities. Point Bonita Capital, part of Jefferies' Leucadia Asset Management, had been factoring First Brands invoices owed by retailers including Walmart, AutoZone, and O'Reilly, and disclosed roughly $715 million of exposure. The court-appointed examiner found that lenders buying those receivables typically did not see the actual underlying invoices or verify the data against the invoices held in First Brands' own database.
"Invoice finance has only reached a fraction of its potential because the manual operations underneath it are not scalable," said Anthony Eden, Co-Founder and CEO of Iridium. "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."
With Iridium, checking every invoice costs less than checking a sample of them by hand, so nobody has to decide which ones to skip. Iridium reads whatever documents arrive with an invoice (a rate confirmation and bill of lading in freight, a timesheet in staffing, a purchase order in a product business) and checks that the amounts, dates, and parties agree. It screens the invoice against everything the lender has funded before to catch the same invoice under a new number or a load submitted twice, and it confirms the debtor directly through a request that goes out white-labelled in the lender's name or its client's. The models learn the fraud patterns specific to each industry it runs in, so a freight book and a staffing book get different checks.
Before funding, Iridium sends the notice of assignment, works it through to a written acknowledgment, and confirms the debtor has actually changed the remit-to details on their own system. Collections then follow each invoice to payment, timed to how that debtor has paid before, and cash posting matches money against invoices as it lands.
Anything that fails a check stops and goes to a person, with the discrepancy highlighted and the source documents attached, and every check, contact, and decision stays on the invoice for the lender's bank, auditor, or credit committee. Functionally, Iridium runs on top of a lender's existing workflow, reading from and writing to FactorSoft and FactorCloud, so lenders keep the systems they run on.
Iridium is live with US factors today and is a member of the International Factoring Association, the American Factoring Association, and the Secured Finance Network, which named Anthony Eden one of its 2026 Innovators of the Year. At one factor, it handles more than 90% of invoices without a person touching them.
"100% verification samples should be the standard for modern lenders with AI. This lets the focus shift to the exceptions," said Robert P. Grbic, Managing Partner at Bearbrook Corporate Advisors LLC.
"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," said Marc Schröder, Co-Founder & Managing Partner at MGV. "With Iridium, verification stops being rationed, so the amount of capital that can safely enter this market grows."
The funding will be used to deploy Iridium across US invoice-finance lenders and to build the company's payment intelligence network, a cross-industry layer of verification and payment data that catches fraud no single lender can see, and that the banks, private credit funds, and vertical platforms entering the market will rely on to deploy capital safely.
Iridium Credit was founded in 2025 by Anthony Eden (CEO), who previously automated credit underwriting for banks and private credit funds at a global alternative asset manager and co-built the payments platform at Morgan Stanley, alongside Preesha Gehlot (CTO), who built the recommendation models for the Bloomberg Terminal and worked on anomaly-detection machine learning at Microsoft, and whose AI research has been published at AAAI. In addition to this new funding, Iridium is backed by Entrepreneurs First, Transpose Platform, and a group of strategic angels, including early investors in ClearScore, Anthropic, and Perplexity.
About Iridium Credit
Iridium Credit is the verification infrastructure for invoice finance. It checks every invoice a lender funds against its backup documents, confirms it with the debtor, and follows the invoice through collections and cash posting, with a person on every exception and a record of every decision. Lenders that once sampled their book can now check all of it at a fraction of the cost. The company was founded in 2025 by engineers from Morgan Stanley, Bloomberg, and Microsoft and is headquartered in New York, with a team in London. Iridium Credit is backed by Field Ventures, MGV, Entrepreneurs First, and Transpose Platform. Learn more at iridiumcredit.com.
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