Iridium Credit, a New York startup that automates invoice checks for factoring lenders, has raised £2.3M ($3M) in a round co-led by Field Ventures and MGV.
Factoring lets a business sell an unpaid invoice at a discount and get the cash now. That is a lifeline for staffing agencies, hauliers and manufacturers who are owed money but still have to meet payroll. The bottleneck is verification. Before buying an invoice, the lender has to establish that the work happened, the bill is real and the debtor accepts it owes the sum. Chief executive Anthony Eden puts a manual check at roughly $22 in staff time. As a result, lenders typically verify about one invoice in five, and small invoices are often not worth funding. The company cites the September 2025 collapse of First Brands, which left $2.3bn in factoring liabilities. A court-appointed examiner later found that the lenders had generally never seen the underlying invoices.
Iridium pulls in invoices and their supporting evidence from email, accounting software and other systems. That evidence might be a timesheet for a staffing firm, a purchase order for a manufacturer or a bill of lading for a freight company. The software matches amounts, dates and parties, looks for signs of tampering, and checks each invoice against everything the lender has already funded to catch duplicates submitted under new numbers. It then contacts the debtor directly by email, by phone or by logging into its accounts payable portal. Discrepancies go to a human reviewer with the evidence attached. The tool runs on top of FactorSoft and FactorCloud, and it also handles collections and payment matching once an invoice is bought.
The company is working with US factoring companies, though it has not said how many. Eden says the software handles more than 90% of invoices at one customer without human involvement. During one trial, it flagged problems at a client the lender had considered safe, and the lender’s own review confirmed them. Iridium charges by invoice volume. Eden founded the company in late 2025 with CTO Preesha Gehlot, whom he met at Imperial College London. He previously worked on Morgan Stanley’s payments platform and on credit underwriting software at an investment firm. Gehlot built recommendation models for the Bloomberg Terminal and anomaly detection systems at Microsoft.
The round takes total funding to about $3.5M. Entrepreneurs First, Transpose Platform and a group of angels also back the company, including early investors in ClearScore, Anthropic and Perplexity. The money will take the product to more US lenders and fund a shared payments data network that spans industries. Iridium says that network can expose fraud no single lender would spot, such as the same invoice being sold twice. Field Ventures co-founder Richard Kerby said the appeal was letting lenders check every invoice, rather than only “sample a portfolio”.
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