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Revenue-Based Financing (RBF): Top 14 Firms Compared

Revenue-based financing (RBF) firms have become increasingly popular over the past 3 years. Unlike venture capital, they offer fast turnaround financing solutions (often within days) to high-growth businesses like ecommerce, D2C, SaaS and all kinds of subscription businesses.

Whether you are considering RBF or simply scouring the different startup financing options available to you, in this article we have listed our top picks of the best revenue-based financing firms out there, each with their investment criteria and typical funding amount.

So, if you haven’t yet started to reach out, here is a good place to start learning about them!

Note: for a refresher on what is revenue-based financing (RBF) and its pros and cons, make sure to read our complete guide.

Top 14 Revenue-Based Financing (RBF) Firms

Here’s a summary of our top 14 picks for the best revenue-based financing firms (in alphabetical order):

NameFoundedVerticalsFundingEligibility For companies based in
Booste2020EcommerceUndisclosed6 months revenue historyEurope
Karmen2021SaaS, Subscription businesses, EcommerceUp to 40% of ARR€10k monthly revenue minimumFrance
Clearco2015Ecommerce, Mobile apps, SaaS$10k – $20MRev > $10k per month for 6+ months, Corp or LLCGlobal
Capchase2020B2B SaaS, Subscription businessesUp to 60% ARR$1M ARR and 8 months of revenue generation historyUS
Liberis2007Sector agnosticN/A£2,500 monthly revenue minimumUK, US, Europe
Outfund2017Ecommerce, Subscription businesses£10k – £2M£10k monthly revenue minimumAustralia, Spain, United States, United Kingdom
Pipe2019SaaS, D2C, Service businessesN/A$100K ARR minimumUS, UK
Re-cap2021Software, Subscription businessesUp to 50% of ARRN/AEurope
Wayflyer2019Ecommerce$10k – $20MSales > $20k per monthUnited States, Canada, Europe, Australia, New Zealand
Uncapped2019Ecommerce, Subscription, D2C, Mobile app, or SaaS€10k – €5M€10k monthly revenue minimum (min 6 months)Europe
Viceversa2021Ecommerce, Subscription D2C€10k – €1M€10k monthly revenue minimumEurope
Silvr2020Ecommerce, SaaS€10k – €10M€10k monthly revenue minimumEurope
Ritmo2021Ecommerce, D2C, SaaS, Mobile apps£50K – £3M€10k monthly revenue minimumEurope, Latin America
Vitt2021SaaS€1k – €100kMinimum £100k or €100k ARRUK, Europe

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1. Booste

Founded in 2020, Booste is a Poland-based revenue-based financing firm that focuses on startups in Europe. The firm offers a simple financing model to players in the eCommerce industry under which the company offers funding with flexible repayments and no due dates.

The exact funding amount depends entirely on the revenue of the applicant company. Booste charges a flat rate of 6% for repayments and does not ask for any equity or personal guarantees like VCs or banks.

The only stringent requirement is that the applicants must provide 6 months of revenue history, based on which Booste determines the investment amount.

2. Capchase

Capchase was founded in 2020 in New York City, USA. This is also a revenue-based financing company that offers to fund to startups in the B2B SaaS sector and subscription-based revenue-generating sector.

The firm focuses only on US-based companies and offers up to 60% of annual recurring revenue in funding to the applicants. However, it is necessary that for attracting successful investments, the applicant companies must have at least $1M in annual recurring revenue. The applicant companies also need to provide 8 months of revenue history.

Capchase does not ask for any equity share or any personal guarantee, and it charges a flat rate of interest for repayment.

3. Clearco

Clearco was previously known as ClearBanc. It is a revenue-based financing firm that was founded in 2015. As of now, Clearco has a physical presence in Canada, the USA, the UK, Australia, and Ireland.

This revenue-based financing firm offers to fund businesses in the eCommerce, mobile apps, and SaaS sectors. The firm offers to fund anywhere between $10k and $20M. However, applicant companies must have a revenue of more than $10k per month, and the company should be a corporation or an LLC.

Clearco doesn’t restrict its investment to companies operating in the countries where Clearco has a physical presence. In fact, this firm invests globally.

4. Karmen

Headquartered in France and founded in 2021, Karmen is another revenue-based financing firm that offers to fund startups that are either SaaS software publishers, Subscriptions, D2C brands, Service Companies, or any business with a recurring revenue model.

Unfortunately, Karmen doesn’t support companies outside France, which means, every company applying for funding should be founded in France.

Karmen offers up to 40% of ARR (annual recurring revenue) in funding. However, the applicant companies must demonstrate a minimum of €10k monthly revenue. Just like other revenue-based financing firms, Karmen also charges a flat interest rate and does not ask for any equity share.

5. Liberis

Founded in the United Kingdom in 2007, Liberis is a revenue-based financing firm that offers an alternative to venture funding. This firm focuses on small businesses irrespective of the sector. Interestingly, businesses that have been operational for less than 4 months can also apply for funding from Liberis.

What is interesting is that Liberis does not disclose the exact investment amount. However, it does require the applicants to have a minimum of £2,500 monthly revenue. What is interesting amount Liberis is that this firm is open for investment in companies across the UK, the US, and entire Europe.

6. Outfund

Founded in the UK in 2017, Outfund is a popular revenue-based financing company that has a physical presence in the UK, the USA, Spain, and Australia. Outfund is an alternative to traditional VC funding and bank loans, and it offers funds to companies operating in the eCommerce and subscription business model sectors.

The minimum funding offered by Outfund is £10k, but they can invest up to £2M. To qualify for investments, the applicant companies must have a minimum revenue of £10k every month.

This firm also operates with the same model wherein, the companies accepting investment must repay monthly at a fixed interest rate. Outfund does not ask for equity shares.

7. Pipe

Based in the United States of America, Pipe is a popular revenue-based financing company that offers to fund startups operating in the SaaS, Service Business, and Direct to Customer business segments. Though it is based in the USA, the firm also offers to fund companies based in the United Kingdom.

Pipe was founded in 2019, and the firm clearly mentions that for startups to be eligible for funding, they must have a minimum of $100k of annual recurring revenue. Unfortunately, Pipe never discloses the exact investment amount.

Just like other revenue-based financing firms, Pipe does not ask for equity shares or collateral.

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8. Re:cap

Re:cap is a Germany-based revenue-based financing firm that offers to fund companies operating in Europe. This firm does not offer to fund companies in any other country. Founded in 2021, Re:cap offers to fund only software companies with subscription-based business models.

This firm offers up to 50% of annual recurring revenue. Unfortunately, the firm does not disclose the eligibility conditions anywhere on its website.

Re:cap charges a flat interest rate for repayment and does not ask for equity share collateral in return for the investments like traditional venture capital firms or bank loans, respectively.

9. Ritmo

Found in 2021 in Spain, Ritmo is yet another revenue-based financing firm that offers to fund startups. This firm focuses on app developers, game developers, SaaS companies, direct-to-consumer companies, and eCommerce businesses.

Ritmo offers to fund Latin American and European companies and offers anywhere between £50K and £3M. However, the companies applying for investments must have a monthly recurring revenue of at least £10K.

For repayments, Ritmo charges a fixed rate, and it does not ask for equity shares or personal guarantees like traditional venture capital firms or bank loans, respectively. There are no hidden charges, either.

10. Silvr

Founded in France in 2020, Silvr is one of the most popular revenue-based financing firms located in Europe. This firm offers to fund only companies operating in France and other European countries.

The minimum eligibility requirement for receiving funding from Silvr is that the applicant startups must have a minimum monthly recurring revenue of €10k. The average investment size of Silvr is between €10k and €10M.

What is interesting is that Silvr funds only SaaS and eCommerce businesses and charges a fixed monthly rate for repayment. Silvr does not ask for any equity share or collateral in return for investments.

11. Uncapped

Founded in 2019, Uncapped is a popular revenue-based financing firm that is located in the United Kingdom. However, the firm offers investments to companies all across Europe.

Just like most of the other revenue-based financing firms listed here, Uncapped also focuses only on eCommerce startups, startups with a recurring revenue or subscription model, SaaS & mobile app development startups, and startups in the direct-to-consumer business segments.

Uncapped offers to invest anywhere between €10k and €5M. The startups applying for funding must show a minimum monthly revenue of €10k for a minimum of 6 months at a stretch. Uncapped never asks for equity shares or collateral.

12. Viceversa

Founded in 2021, Viceversa is yet another revenue-based financing firm. This firm is located in both Ireland and Italy, and it offers investments to startups across Europe.

Viceversa invests only in eCommerce, online retailers, and subscription-based eCommerce businesses. Startups applying for funding must have a minimum monthly revenue of €10k.

It is also important that the applicants must have 6+ months of proven track record of sales, growth, and financial statements to become eligible for funding from Viceversa.

This firm invests anywhere between €10k and €1M depending on the monthly revenue of the applicant firm.

13. Vitt

Vitt is yet another revenue-based financing firm that offers to fund startups. This firm started operations in 2021, and it is located in both the United Kingdom and Germany. This firm offers a year’s worth of MRR (monthly recurring revenue) to startups so that they can scale and grow.

The basic eligibility requirement is that an applicant firm must have a minimum annual recurring revenue of £100k or €100k. Eligible companies can receive funding of anywhere between €1k and €100k.

What is interesting to note is that Vitt focuses only on SaaS companies, and it never invests in any other sector or vertical. Also, Vitt does not ask for equity shares or personal guarantees against the investments it makes.

14. Wayflyer

Founded in 2019, Wayflyer has emerged as one of the major players in the revenue-based financing market. Though Wayflyer is located in Ireland, this firm invests in startups located in the United States, Canada, the United Kingdom, Australia, New Zealand, Ireland, Spain, The Netherlands, Belgium, Denmark, and Sweden.

To get investments from Wayflyer, the applicant firms must have a monthly sale of more than $20k. Startups that are eligible can receive funding of anywhere between $10k and $20M. Wayflyer invests only in eCommerce startups.

What is interesting is that Wayflyer charges a flat fee for its repayment schedule and it never asks for any equity share or personal guarantee like venture capital firms or bank loans, respectively.

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