Summary
Aria's EUR 240 million debt facility is structured across two vehicles. The primary structure is a bankruptcy-remote securitization fund led by Nomura with participation from Fost. Under this structure, Aria purchases invoices from suppliers and transfers the receivables to the fund, which issues securities to investors backed by future payments from buyers. As buyers settle their invoices, the cash is recycled to finance new invoice purchases. In a separate legal vehicle, Sienna and Montpensier Arbevel committed additional capital.
Key Points
- Primary structure: bankruptcy-remote securitization fund led by Nomura with Fost participating
- Mechanism: Aria buys invoices from suppliers, transfers receivables to fund, fund issues securities to investors backed by buyer future payments
- Recycling: as buyers pay invoices, cash recycles to finance new purchases
- Secondary vehicle: Sienna and Montpensier Arbevel committed additional capital in separate legal vehicle
- Equity: EUR 7M Series A extension led by 115K (La Banque Postale VC), with 13books Capital; total Series A now EUR 22M
- Performance: EUR 1.5B+ invoices financed since 2020; default rate below 0.1%; 1.7M advances in 2025, 1.1M in H1 2026
- Model: Aria purchases invoices outright (not lending), so suppliers get cash without debt; single API handles identity, credit, collections, insurance, payments