In partnership with Tradable and Deep Ocean Partners

Access Working Capital Financing through FACTOR

Earn 14%+ yield generated from real world, net working capital (NWC) financing facilities backed by current receivables and other short-dated collateral. Stable, sustainable, and real.

APY

14%

Liquidity

Weekly

Current capacity

$15M

TVL

$1.3M

What is FACTOR?

A diversified, curated allocation to net working capital financing

FACTOR consists of tokenized Net Working Capital (NWC) financing facilities, including invoice factoring, receivable financing, auto floor plan financing, and more. FACTOR is well-diversified, maintaining a healthy mix of obligors, collateral, and industries. Underlying receivables are underpinned by high obligor credit quality, concentrated among large multinational counterparties like Amazon, Mercado Libre, and PepsiCo, with strong payment histories and minimal historical dilution.

Receivables are either purchased in a True Sale or held in a bankruptcy-remote SPV/Trust, so credit risk sits with the obligor, not the end borrower. A Deposit Account Control Agreement (DACA) reinforces this by ensuring obligors remit payments directly into mandated deposit accounts controlled by Deep Ocean Partners rather than the borrower's operating accounts, reducing commingling risk.

Launched in partnership with Deep Ocean Partners and tokenized by Tradable, FACTOR is brought to you by professionals with over 100 years of combined experience in private credit. Each facility is individually underwritten by Plume, and entered into via funded participation alongside Deep Ocean Partners.

FACTOR mark on a geometric field

Who is Deep Ocean Partners?

The intersection of quantitative investing, fintech, and institutional private credit

Deep Ocean is a multi-sleeve, quantitative credit manager generating top quartile annualized returns via short-duration, asset-backed, senior secured structures in underserved segments of the private credit market. Their breadth of experience brings best-in-class deal sourcing, algorithmic risk scoring, operational due diligence, data monitoring, and credit structuring to the market at scale.

FACTOR was created in partnership with Deep Ocean, under the belief that net working capital financing is one of the most structurally underserved segments in private credit: a $2.5–50mm deal size that's too small for legacy credit funds, too operationally complex for traditional banks, and outside the mandate of quant funds whose expertise sits elsewhere. The result is a persistent supply-demand mismatch that Deep Ocean is built to capitalize on.

Plume's role is to structure and issue the tokenized, on-chain vehicle for this exposure. As the sole distributor of FACTOR, we take a private credit strategy that has historically been accessible only to institutional LPs and package it into a single, transparent, yield-bearing vault, bringing on-chain capital direct exposure to a market it couldn't reach before.

Deep Ocean Partners lockup

How is the yield generated?

Efficient capital cycling, not credit risk

NWC financing generates high yields by putting capital to work repeatedly, rather than by taking on lower-quality credit. Invoice factoring is a simple example: a Net-30 invoice can be financed today, repaid in 30 days, and the same capital immediately redeployed against a new invoice.

When that cycle repeats, the same dollar can be deployed up to 12 times a year, generating much higher annualized returns using a fee-based model as opposed to traditional fixed-rate term loans.

Advance 90% and hold a reserve

Advance $90,000 against a borrower's $100,000 Net-30 invoice at a 90% advance rate, with the remaining 10% held back to cover a financing fee and a dilution reserve.

Capital returns

When the $100,000 invoice is paid in full 30 days later, $90,000 of principal is returned and a $1,500 financing fee is earned. The remaining $8,500 is remitted back to the borrower.

Deploy again

Re-advance the returned capital against a new invoice. At up to 12 cycles a year, the 1.5% fee represents an 18% illustrative gross annualized return before vault-level costs, cash drag, and losses.

Advance 90% and hold a reserve

Advance $90,000 against a borrower's $100,000 Net-30 invoice at a 90% advance rate, with the remaining 10% held back to cover a financing fee and a dilution reserve.

Capital returns

When the $100,000 invoice is paid in full 30 days later, $90,000 of principal is returned and a $1,500 financing fee is earned. The remaining $8,500 is remitted back to the borrower.

Deploy again

Re-advance the returned capital against a new invoice. At up to 12 cycles a year, the 1.5% fee represents an 18% illustrative gross annualized return before vault-level costs, cash drag, and losses.

Why FACTOR?

Built so you don't have to be a credit desk

Deposit and earn. That's it.

Credit risk underwriting, facility terms, collateral monitoring, runoff analyses, capital calls, and amortization. We handle all of it for you. Don't know the difference between a DDTL, an RLOC, and a True Sale? You don't need to. Plume Vaults is partnered with Deep Ocean Partners to bring only the highest quality, highest risk-adjusted paying facilities into FACTOR.

Fast collateral

The FACTOR investment policy sets criteria for every collateral base: short-dated receivables, no more than 90 days past due, no more than net-120 payment terms, typically uncommitted. Every piece of collateral in FACTOR can be collected on and paid back to investors in a 30–120 day cycle.

Liquid credit (actually)

FACTOR employs a three-tiered liquidity system:

1. Vault-level liquidity sleeve: held in liquid treasuries or similar assets for same-day liquidity.

2. Natural amortization: a portion of AUM runs off as receivables come due; instead of re-lending, it's kept for liquidity.

3. Contractual takeback: Deep Ocean Partners' warehouse facility contractually takes back a portion of each facility when liquidity is needed.

Limited capacity

FACTOR is a limited-cap product, by design. In the real world, deal flow of this quality at these rates is hard to come by. Funds run entire teams sourcing leads. While we have a pipeline to scale to $100m+ of capacity this quarter, caps must be timed with demand. To avoid oversubscription and yield dilution for everyone, FACTOR raises caps incrementally, timed with market demand, to maintain a 14%+ APY floor. Caps fill fast, and participation is limited.

Put your capital to work in real receivables

Deposit stablecoins, receive FACTOR receipt tokens, and earn yield backed by short-dated, professionally underwritten working capital financing.