Plume launches US$15m FACTOR tokenised invoice-finance and working-capital vault

Plume has opened a US$15m-capacity investment vault giving onchain investors exposure to invoice factoring, receivables finance and other short-duration working-capital facilities, with plans to scale available capacity above US$100m this quarter.

FACTOR was created with Tradable and New York-based credit manager Deep Ocean Partners. Investors deposit stablecoins and receive a FACTOR receipt token representing economic exposure to an actively managed portfolio of working-capital assets rather than a single corporate loan.

The live product currently shows US$15m of capacity and about US$1.3m of total value locked. Plume says it has a pipeline allowing capacity to increase above US$100m during the quarter, although that figure is a target for available vault capacity rather than committed or already invested capital.

Deep Ocean originates and remains lender of record for the underlying facilities, while the FACTOR issuer participates contractually in those exposures. The launch portfolio is intended to include an FX-hedged receivables revolver, pharmacy receivables finance, inventory floorplan lending and a rebate-backed delayed-draw facility.

Plume says underlying receivables are either acquired through a true sale or held within bankruptcy-remote structures. Payment arrangements direct obligor cash into accounts controlled by Deep Ocean, while facility-specific advance rates, collateral eligibility tests and concentration limits are applied.

That structure is particularly relevant to receivables finance because the token is not itself replacing the invoice. It changes how investors obtain exposure to a portfolio of offchain working-capital facilities whose repayment still depends on conventional receivables, inventory and controlled cash collections.

Plume is targeting a net annual yield above 14% and weekly liquidity. Both require qualification. The yield is a target rather than a guaranteed return, while weekly redemptions are designed around a combination of liquid assets, normal runoff of short-duration collateral and a contractual mechanism under which Deep Ocean can take back part of the vault’s participation.

The initial US$1.3m invested remains small relative to conventional factoring markets. The more significant test will be whether onchain capital can become a repeatable funding source for the underlying receivables and working-capital facilities as FACTOR’s capacity expands.