UA cohort financing advances capital against monthly user acquisition spend, repaid only from the revenue that month’s users go on to earn. As the cohort earns, an agreed share of its revenue repays the advance, typically within 12 months, along with a monthly fee based on how much was advanced. When each monthly advance is recovered we stop collecting our revenue share and fee, and every dollar that cohort earns after that is yours. Each advance is scoped to its own cohort, so a slow one is never subsidized by a fast one, and a fast one never keeps paying past recovery.

No. UA cohort financing is a purchase of future cohort revenue, not a loan. You’re selling an agreed share of what a specific cohort will earn, up to a capped repayment amount. There’s no principal balance, no maturity date, no interest rate, and no fixed payment schedule to breach. No personal or corporate guarantees, no warrants, no equity. The advance is backed only by the revenue from the cohorts we fund. No other collateral, and no blanket claim on your company.

Apps and games with measurable, repeatable cohort economics and monthly-weighted monetization: subscriptions, in-app purchases, or ads. You’ll generally need $2.5M of trailing twelve-month revenue, $1.5M of trailing twelve-month UA spend, 12+ months of cohort data, and a US or EU entity. If nearly all of your revenue arrives as annual plans paid up front, there’s no monthly tail to repay against, so this isn’t the right product. We’ll tell you that on the first call rather than the fourth, and point you to whichever of our other facilities fits.

Typically up to 80% of your monthly UA spend, sized to the cohort’s modeled ROAS curve. Stronger and more predictable cohorts support a higher advance rate. The advance scales as your spend does, so the facility grows with your UA instead of being re-negotiated every time you step up.

UA cohort financing costs two things: a revenue share and a servicing fee. The revenue share comes out of the cohort we funded, usually at the same percentage as the advance, and it is what repays the advance itself. The servicing fee accrues monthly on the original advance amount and typically totals 5–8% of the advance, depending on how many months the cohort takes to repay. Repay faster and you pay less. Once the advance is recovered both stop, you keep 100% of that cohort’s remaining revenue, and there is nothing further to pay. Every deal is modeled against your own ROAS curve, so the numbers are yours rather than a rate card.

We take the timing risk. Repayment is a share of what the cohort actually earns, so a cohort that comes in under plan simply takes longer to repay. There’s no fixed payment date to miss, no acceleration, and no claim against your other revenue or your balance sheet. Our recovery is capped at that cohort. If it never gets there, that’s our loss, not a balance you carry. Some facilities include a step-up: if a cohort runs past its maximum expected collection window, the revenue share may increase so the remainder is collected sooner, on a schedule agreed in your term sheet. Either way it only changes how fast we collect, never how much you owe. The cap on each cohort is set the day you sign, and underperformance doesn’t move it.

No. No equity, no warrant coverage, no board seat or observer right. Our return is capped at the advance plus the servicing fee. Once that’s recovered from the cohort, everything it earns after that is yours, however well it performs. Most founders would rather spend equity on something other than media buying.

Venture debt is repaid on a fixed schedule from day one, secured by a blanket lien on the company, usually with warrants attached. If a cohort misses, you still owe the payment. UA cohort financing is repaid only out of the revenue of the cohort we funded, on whatever schedule that cohort actually earns. No lien on the company, no warrants, no covenants tied to your cash balance, and no payment to miss.

Most revenue-based financing takes a slice of all company revenue until a flat multiple is repaid, regardless of which spend generated it. UA cohort financing is tied to one month’s cohort: sized to that cohort’s spend, repaid only from that cohort’s revenue, released when recovered. Revenue you didn’t finance is never touched, and a strong cohort never cross-subsidizes a weak one.

It depends on your lender. We take a pledge of the revenue from the cohorts we fund, not a blanket lien on your company, so the question is whether your existing lender will release or subordinate its claim on that one asset. Some will. Many venture debt, bank and private credit facilities won’t, and that tends to be the deciding factor rather than anything about your metrics. Tell us who your lender is on the first call and we’ll tell you quickly whether it’s workable.

Trailing 12+ months of UA spend and cohort revenue, delivered through a server-to-server integration from your own reporting, plus 1-click connections to your Apple, Google, Stripe and other payment accounts so revenue and payout data is confirmed at the source. Most companies are fully connected within a couple of days. Cohort data is what we underwrite on, and we’ll ask for a standard diligence data room alongside it. You don’t need to build a model or a deck. We build the model from your raw data and show you the work.

We can turn around a UA cohort financing model within 24 hours of receiving your cohort data. From there, diligence to a signed term sheet typically takes 5–10 business days, and first funding follows within a few weeks while documents and integrations are completed. In practice, you can have a modeled term sheet in hand before your next media invoice comes due.