meetORIGINS
AI-powered trade credit that builds trust, not debt
Wallet | Credit | AI | Trust
Context
Why Trade Credit is Broken
UK trade merchants face a £22B SME funding gap. Builders wait 14-60 days for payment. Traditional scoring excludes 5.8M thin-file adults — not because they can't pay, but because they've never borrowed in the UK.
Merchant Extends Credit
Supply merchants extend trade credit to SME buyers — currently via invoices, handshakes, or not at all.
SME Pays in Instalments
4×25% staged payments over 90 days. Backed by wallet deposits, not unsecured debt.
AI Scores & Coaches
Glass-Box EBM provides transparent, FCA-defensible credit decisions. Coaching AI helps SMEs improve over time — not just approve/decline.
Trust Compounds
Every transaction builds behavioural data. After 6–12 months, Origins holds risk insight no credit bureau can replicate.
Market Scale
804K
UK addressable merchants
£25.5B
Total addressable market
The Difference
Origins builds credit infrastructure where none exists — for the trade merchants and SMEs that power the real economy.
End Consumers Benefit Too
Credit flows downstream. Builders pass instalment terms to homeowners. A £15K renovation becomes 4×£3,750 over 90 days — no separate credit application, just the tradesperson they already trust.
The Problem
The Trade Credit Gap
Merchants Bear All the Risk
Supply merchants extend informal credit with no risk infrastructure. Bad debt forces restrictive terms — contributing to 50K UK SME closures annually.
SMEs Starved of Working Capital
Trade SMEs face 14-60 day cash-flow gaps. Traditional lenders reject them — no credit history, too small, wrong sector.
Consumers Locked Out of Projects
Homeowners pay in full or not at all. Without flexible instalments through their tradesperson, projects stall and merchants lose orders.
Three tiers. One broken system. No incumbent serves all three.
MARKE TREALITY
Why Incumbents Can't Solve This
B2B BNPL (Kriya, Hokodo)
Online-only, no offline trade chains
E-commerce invoicing only. Cannot handle variable-price, project-based trades or offline merchant relationships.
Consumer BNPL (Klarna, Afterpay)
Reject the unable, ignore B2B
Credit-score dependent — automatic rejection for thin-file users. Cannot serve trade merchants or multi-tier supply chains.
Credit Reference Agencies
Static, backward-looking, opaque
Score historical borrowing only. Cannot capture real-time behavioural signals, trade relationships, or merchant trust.
No incumbent combines explainable AI, three-tier coverage, and offline trade chain support. This requires a purpose-built platform.
THE SOLUTION
Transparent AI. Fair Credit. Real Trust.
Glass-Box Explainable AI
Every credit decision carries precise feature attributions via Explainable Boosting Machines (EBMs). FCA Consumer Duty compliant by design — not post-hoc.
Multi-Agent Coaching AI
Deterministic evaluator for compliant regulatory narratives + adaptive coach for personalised roadmaps. SMEs improve creditworthiness over time.
Wallet-Backed Trade Credit
Merchants offer BNPL to trade SMEs; builders pass instalments to consumers. All backed by wallet deposits. 4×25% over 90 days, near-zero default risk.
HOW MONEY MOVES
The Three-Tier Flow
Merchant Offers BNPL
Supply merchants offer instalments to trade SME buyers at checkout. No balance-sheet exposure — Origins takes the risk.
SME Pays in Instalments
4×25% over 90 days from wallet balance. AI credit decision is transparent and auditable.
Merchant Gets Paid
Settlement via Griffin payment rails. 3–5% MDR. Conversion increases 15–25% by offering terms to cash-only customers.
Consumer Gets Flexible Instalments
Homeowners access structured payments through their builder — no separate credit application needed.
Data Compounds
Every transaction builds proprietary behavioural data. Merchant relationships become quantifiable credit intelligence no bureau holds.
Revenue Streams per Transaction
| Who | Gets | Source |
|---|---|---|
| Merchant | +15-25% conversion | Instalment payments for their customers |
| Origins | 720 3-5% MDR | Per transaction fee |
| Origins | £30-45/mo | Merchant subscription |
| Origins | 30% yield spread | 3.88% Griffin rate, 2.72% to customer |
DEFENSIBILITY
The Moat: AI + Data Compounds
Proprietary trade data no bureau holds
Behavioural data on merchants and SMEs invisible to Experian, Equifax, and TransUnion. Compounds with every transaction.
Merchant network effects compound
Each merchant onboards 10–50 trade SMEs organically; each SME brings consumers. Dual network effects create low-CAC viral acquisition.
Glass-Box AI creates regulatory moat
Native explainability satisfies FCA Consumer Duty by design. Competitors face costly retrofitting as UK and EU AI regulations tighten.
More merchants. More data. Better AI. Lower defaults. The flywheel accelerates — and it only works within Origins.
BEACHHEAD MARKET
Where Supply Meets Opportunity
£25.5B
UK Total Addressable Market
804K UK merchants across 10 trade verticals. Beachhead: builders merchants (46/80) and food wholesalers (42/80). Serviceable: 8K merchants, £4.8B.
Each merchant pulls through 10–50 SMEs. Merchants: 300→2K→5K→10K→20K. SMEs: 15K→60K→200K→500K→950K.
Builders Merchants
46/80 score
Food Wholesalers
42/80 score
Restaurants & Catering
42/80 score
Farmers & Agriculture
42/80 score
Electrical & Plumbing
38/80 score
ECONOMICS
Business Model
Merchant MDR
3–5% per transaction. Increases merchant conversion 15–25%. Below industry average (2–6%).
Treasury Yield
Griffin pays 3.88% on deposits. Customers receive 2.72%. Origins retains 30% spread.
Subscriptions
£30–45/mo merchant analytics dashboard. Premium tiers with credit insights and portfolio management.
Phase 2: Full BNPL
Whether you have a team of 2 or 200, our shared team inboxes keep everyone on the same page and in the loop.
~0%
Default rate (deposit-backed)
3-5%
MDR (below industry 2-6%)
61%
EBIT margin by Y5
| £ Millions | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | 0.001 | 2.4 | 21.5 | 70.3 | 160.5 |
| Costs | (0.8) | (4.2) | (15.7) | (31.8) | (62.2) |
| EBIT | (0.8) | (1.8) | 5.8 | 38.5 | 98.2 |
| EBIT Margin | - | -75% | 27% | 55% | 61% |
COMPETITIVE POSITION
Why Origins Wins Across the Stack
No competitor covers all three tiers. B2B lenders serve online invoicing only. Consumer BNPL ignores trade. Credit bureaus score history, not behaviour. Origins unifies merchants, trade SMEs, and consumers in a single AI-powered platform.
| CRAs | B2B BNPL | Consumer BNPL | Prepaid Cards | Origins | |
|---|---|---|---|---|---|
| Explainability | Post-hoc (SHAP) | None | None | None | Native (Glass-Box EBM) |
| Coaching | None | None | None | None | Multi-agent LLM |
| Offline trade | No | No | No | No | Yes — core focus |
| Three-tier coverage | No | Tier 1-2 only | Tier 3 only | No | All three tiers |
| Merchant MDR | n/a | 2-6% | 3-6% | 1.5-3% interchange | 3-5% |
| Default risk | n/a | 2-4% | 3-4% | n/a (no credit) | ~0% (deposit-backed) |
| Credit building | Scores history | Limited | No | No | Coaching AI + behavioural data |
Access New Customers
Reach trade SMEs who currently pay cash or not at all. 15–25% conversion uplift.
Zero Default Risk
Customer deposits provide collateral. Merchant gets paid regardless. No balance-sheet exposure.
AI-Powered Insights
Glass-Box credit decisions customers can understand. Coaching AI deepens buyer loyalty over time.
PROGRESS
Traction & Validation
MVP Live
Product — Building on Griffin Sandbox
QR-based merchant and consumer payment flow delivered. Fee structure and general ledger completing this month. Three-person engineering team (CTO + 2 senior devs) building against Griffin sandbox APIs.
Griffin
BaaS Partner — MSA Signed
MSA signed with Griffin (PRA/FCA authorised). Sandbox integration active — live testing targeted July 2026. FSCS-protected accounts and UK payment rails via API.
MLRO
Compliance — Active Recruitment
MLRO appointment in active recruitment. MEMA Consultants supporting since Jan 2026. AML/CTF policy, prohibited lists, risk appetite, and CRA methodology drafted. Compliance framework progressing independently of hire.
Yerevan
Engineering Hub Scaling
Office signed (Loft, Yerevan). Scaling to 3 FTE by July, 7 post-funding. 60–70% cost advantage vs UK engineering.
Q1 2026
Griffin MSA signed & company renamed to MeetOrigins Ltd
May 2026
MVP delivered — QR payments on Griffin sandbox.
Jul 2026
Griffin live testing & Yerevan team scales to 7 FTE
Q4 2026
Wallet launch — Phase 1 (Tranche 1 funds)
2027
BNPL launch via Art. 60F(2) (Tranche 2 funds)
WHAT'S CHANGED
Progress Since February 2026
In three months, Origins has moved from concept stage to a working product on regulated infrastructure:
Company Renamed & Restructured Mar 2026
RasaOrigin Ltd → MeetOrigins Ltd at Companies House. SHA and articles formalised with Ignition Law.
FCA Compliance Framework Built Jan – May 2026
MEMA Consultants engaged. AML/CTF policy, prohibited lists, risk appetite, CRA methodology, and fraud policy — all drafted.
Griffin BaaS — MVP on Sandbox Mar – May 2026
MSA signed. QR payment flow, fee engine, and GL built against Griffin sandbox APIs. Live testing targeted July 2026.
CGMO & Merchant Pipeline Activated Apr 2026
Reza Moeinodin (Salt Agency, £2.8M rev) engaged as CGMO. Portfolio includes Jewson, IBMG, Sika, Biffa — direct merchant access from day one.
Armenia Engineering Hub Live May 2026
Office signed (Loft, Yerevan). Bank accounts applied. Subsidiary in formation. 60–70% cost advantage vs UK.
Advisory Board Strengthened May 2026
Cyrus Ardalan (ex-Chair OakNorth & Barclays Capital), Varqa Abyaneh (ex-Quantile/HSBC), Majid Rashid (credit), Shervin Mashayekh (product).
MLRO — Active Recruitment May 2026
Senior MLRO candidates in pipeline. MEMA Consultants building AML/CTF policy framework, KYC requirements, and transaction monitoring rules ahead of Griffin live testing.
DWF Law Engaged May 2026
Customer T&Cs, merchant agreements, and privacy policy scoping underway. Sanctions screening brief completed.
Budget Model v5.9 & Investor Deck v11 May 2026
8-year financial model complete (realistic cost model). £3M pre-seed, £12M post-money. Q4 2026 launch, EBIT breakeven 2028 (£5.8M, 27% margin). Series A £10M targeted 2028.
LEADERSHIP
Leadership team
Hooman Amini
Founder & CEO
Digipay: 1→520 employees, £700M+ transactions, 3% default rate (vs 10% market avg).
Peyman Behnami
CTO & Co-Founder
12+ years regulated fintech backends. Co-built Digipay infrastructure. Java, microservices, banking APIs.
Reza Moeinodin
CGMO
Chairman, Salt Agency (£2.8M rev). Portfolio: Jewson, IBMG, Sika, Biffa. Direct merchant pipeline.
Erfan Abdolmaleki
AI Lead
Interpretable ML & fairness-aware classification. Leads Glass-Box EBM development.
MLRO
Hiring — Key Priority
Senior compliance hire. Targeting ex-Big 4 / tier-1 bank FinCrime background. Required pre-Griffin go-live. MEMA bridging compliance work.
Advisory Board
Cyrus Ardalan
Ex-Chair OakNorth & Barclays Capital
Varqa Abyaneh
PhD, ex-Quantile/HSBC — model rigour
Majid Rashid
Credit architecture & financial product
Shervin Mashayekh
Platform UX & product-market fit
GROWTH PATH
Expansion Roadmap
Phase 1
Rewards Wallet
Q4 2026
Community rewards wallet (deposit-backed)
Merchant MDR 3-5% per transaction
Shadow credit engine — building data
Yerevan engineering centre operational
Phase 2
Trade Credit & BNPL
2027
BNPL via Article 60F(2) exemption + DPC
AI-powered credit for trade SMEs
Builders pass consumer instalments downstream
Glass-Box EBM + coaching AI live
Merchant-led distribution (10-50 SMEs per merchant)
Phase 3
Scale
2028-2032
Full FCA authorization
Cross-vertical expansion (10 verticals)
International markets
IPO preparation
Phase 2 BNPL operates under Article 60F(2) exemption (interest-free, ≤12 instalments, ≤12 months). Full FCA authorization targeted for Phase 3 (2028+).
The Ask
Investment Opportunity
£3M
Pre-Seed Round · £9M Pre-Money · £12M Post-Money · 25% Dilution
Regulated fintech requires compliance infrastructure, BaaS integration, and MLRO before earning revenue. £3M in two milestone-gated tranches funds Origins to EBIT breakeven (2028, £5.8M, 27% margin) without interim rounds. Each merchant pulls through 10-50 trade SMEs — 300 merchants unlocks 15K SMEs, scaling to 950K by Y5.
Path to breakeven: 300 merchants (Y1, via CGO warm pipeline) → 2K (Y2) → 5K (Y3, breakeven). £600K GTM funds merchant acquisition at £120 CAC — pays back in <3 months at 3-5% MDR per transaction.
Tranche 1 — £1M
Sep/Oct 2026. Funds wallet launch, Armenia engineering team (7 FTE by EOY), Griffin integration, and first merchant onboarding. 6-month runway to Tranche 2.
Tranche 2 — £2M
Q1 2027. Scales BNPL launch, MLRO & critical hires, GTM execution, and extends runway to Series A (2028, £10M target).
Clean Cap Table
No prior external investment. Self-funded via director's loans. No legacy terms, no overhang. Founder retains 48% Class B (10× vote).
Tranche 2 Success Gates
Live transactions on Griffin (not sandbox) | MLRO in place, AML framework operational
10+ merchants onboarded or LOIs signed | Engineering team at 7+ FTE
40%
Product & Engineering
(£1.2M)
25%
MLRO & Critical Hires
(£750K)
20%
GTM & Merchant Acquisition
(£600K)
15%
Operational Runway & Legal
(£450K)
“Merchants trust their buyers. We're building the AI that makes it scale.”
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