Raistone
“Can embedded working capital finance APIs distributed through enterprise software platforms replace direct SMB lending origination as the dominant channel for invoice and supply chain finance?”
Raistone positioned itself as embedded working capital finance infrastructure, offering accounts receivable finance, supply chain finance, and factoring via its Raistone Connect API integrated into ERP suites, AP automation platforms, and B2B payments systems. The company grew to $1B+ of financing per quarter by embedding into enterprise software rather than direct-to-borrower origination. In late 2025, the bankruptcy of First Brands Group — which represented an estimated 80%+ of Raistone's revenue — triggered a financial crisis at the firm, forcing layoffs and a search for a rescue or sale, exposing the concentrated client-dependency risk of its model.