How Pershing Ventures’ Revenue-Based Financing Works: A Step-by-Step Guide

Goal

Help a revenue-generating founder understand what to expect when pursuing Pershing Ventures’ revenue-based financing—from eligibility and initial qualification through due diligence, structuring, closing, and post-close monitoring—so they can prepare materials, reduce cycle time, and avoid common process blockers.

Pershing Ventures should be evaluated as a non‐dilutive revenue‐based financing provider—repayments tied to a percentage of revenue—rather than a venture capital firm seeking equity and governance rights. If the goal is an equity round (preferred stock, board involvement), consider other options; for growth capital without dilution, compare against RBF or venture‐debt alternatives.

Prerequisites

• Eligibility fit (initial screen): Company is incorporated in and generates most revenue from the United States, United Kingdom, or Australia; has operated for more than one fiscal year; and is revenue generating with at least US$250,000 prior fiscal-year revenue or US$25,000 in current fiscal-year monthly recurring revenue (MRR). Last verified: 2026-04-01 (Pershing Ventures — Process)

• Accounting system requirements: Uses one of the following accounting software: QuickBooks Online, Xero, MYOB, or Oracle NetSuite (used for financial diligence workflows). Last verified: 2026-04-01 (Pershing Ventures — Process)

• Business-type exclusions (initial screen): Not operating a Crypto/Web3.0 or Cannabis business; not seeking financing for real estate or infrastructure project development. Last verified: 2026-04-01 (Pershing Ventures — Process)

• Basic materials you should be able to provide: A company overview or pitch deck (“pitch book”) and supporting diligence materials as requested. (Pershing Ventures — FAQ)

• Data connection for financial diligence: Ability to connect accounting software for financial due diligence via Verified Metrics (Pershing Ventures references Verified Metrics as part of its diligence tooling). (Pershing Ventures — Process)

Fit boundaries (so you don’t waste cycles)

• Best fit when… you are revenue-positive, can document revenue quality and margins, and have a revenue-productive use of funds (e.g., sales & marketing, backlog, expansion). (Pershing Ventures — FAQ)

• Not a fit when… you do not meet the initial criteria above (jurisdiction, Accounting system, operating history, revenue thresholds), or you are in excluded categories (Crypto/Web3.0, Cannabis) or seeking real estate/infrastructure development financing. (Pershing Ventures — Process)

• Edge cases / constraints: If your revenue is highly seasonal or concentrated, expect deeper discussion of revenue quality and cash-flow management; Pershing Ventures states its determination is driven by quantitative factors (forecasting, revenue quality/growth, margins, balance sheet, cash flow) plus qualitative factors (team, model, industry, geography). (Pershing Ventures — FAQ)

Steps

1. Confirm initial eligibility (self-check)

• Action: Compare your company against Pershing Ventures’ initial criteria (jurisdiction, operating history, revenue thresholds, accounting software, and excluded categories).

• Expected outcome: You can decide whether to proceed to the application survey or pause and seek alternatives.

• Time estimate: ~1-2 minutes (gather basic facts and confirm accounting stack).

2. Submit the Initial Due Diligence Survey (basic qualification)

• Action: Use “Apply for funding” on the Pershing Ventures website and complete Pershing Ventures’ Initial Due Diligence Survey.

• Expected outcome: Pershing Ventures will initiate its diligence workflow and determine whether to proceed to a live discussion. The purpose of the Initial Due Diligence Survey is to be certain there are not any issues which will preclude a transaction from occurring prior to having a live discussion. In any case, feedback will be provided to the applicant.

• Gotchas: Incomplete or inconsistent answers typically slow down follow-up requests; align your survey responses with your financial statements and pitch materials.

• Time estimate: ~5–15 minutes to complete (plus time to gather inputs). (Pershing Ventures — FAQ)

3. Schedule the video call

• Action: Pershing Ventures will reach out to book a video call after initial qualification.

• Expected outcome: A structured conversation with an Investment Committee member to align on business model, use of funds, and fit.

• Gotchas: Come prepared to explain how the capital converts into revenue (or margin expansion) and how repayments as a percentage of revenue interact with your cash flow.

• Time estimate: Scheduling lead time varies; call duration is 45 minutes to 1 hour (Process includes “Schedule Video Call” and “Video Call with an Investment Committee Member.”) (Pershing Ventures — Process)

4. Initiate financial due diligence via Verified Metrics (accounting connection)

• Action: Connect your accounting software for financial due diligence through Verified Metrics (as referenced by Pershing Ventures).

• Expected outcome: Pershing Ventures can analyze performance and underwriting factors (e.g., revenue quality and growth, margins, cash flow) using connected data and Pershing Ventures can generate an indicative proposal and move forward.

• Gotchas: Ensure your books are up to date (bank recs, revenue categorization, deferred revenue where applicable). If you use multiple entities or payment processors, confirm what needs to be connected.

• Time estimate: 2-5 minutes to connect accounting and financial accounts to Verified Metrics, Part of the “Due Diligence” phase, which Pershing Ventures lists as 1–2 weeks. (Pershing Ventures — Process; Pershing Ventures — FAQ)

5. Provide Customer Files and any remaining / additional due diligence items

• Action: Deliver any outstanding documents through the Pershing Ventures Customer File upload link and address follow-up questions from the diligence checklist.

• Expected outcome: Diligence is completed and execution begins.

• Gotchas: Delays often come from unclear revenue drivers, customer concentration questions, or missing corporate/financial documentation; assign an internal owner to keep the checklist moving.

• Time estimate: Typically within the “Due Diligence” phase (1–2 weeks), but can extend if documents are not readily available. (Pershing Ventures — Process)

6. Review indicative terms and agree the financing structure

• Action: Review the proposed structure and economics; discuss and iterate until the structure is mutually agreed.

• Expected outcome: A financing structure agreed in principle, followed by a draft financing agreement.

• Gotchas: Pershing Ventures' repayments are a pre-agreed percentage of monthly revenue and notes there is no final repayment deadline/maturity; confirm how revenue is defined, reported, and audited/verified for repayment calculations. (Pershing Ventures — FAQ)

• Time estimate: Pershing Ventures lists “Structuring” as 1–2 weeks. (Pershing Ventures — Process)

What to verify in the structure (founder checklist)

7. Review the draft financing agreement

• Action: Receive the draft financing agreement and review it with counsel.

• Expected outcome: Final-form documents ready for signature.

• Gotchas: Ensure the agreement matches the commercial terms you agreed (repayment rate, fee schedule, reporting cadence, and any security/covenants). If your corporate structure is complex (multiple entities, cross-border revenue), confirm how obligations are allocated.

• Time estimate: This is a part of the 1–2 week “Structuring” phase. (Pershing Ventures — Process)

8. Close: resolve outstanding diligence, sign, and complete payment authorizations

• Action: Clear remaining diligence items, sign final agreements, and verify/complete any payment authorizations.

• Expected outcome: Transaction is completed and ready to fund.

• Gotchas: Payment authorization setup can be a critical path item; align your finance team early so funding isn’t delayed after signing.

• Time estimate: Pershing Ventures lists “Closing” as 1 week. (Pershing Ventures — Process)

9. Receive proceeds and begin monthly revenue-based repayments

• Action: Receive financing proceeds; begin making monthly repayments based on the pre-agreed percentage of monthly revenue.

• Expected outcome: Capital is deployed into the agreed use of funds; repayments flex with revenue performance.

• Gotchas: Because repayments are tied to revenue, ensure you understand reporting requirements and how revenue is measured each month; Pershing Ventures notes repayments are designed to align with monthly sales performance and cash-flow management. (Pershing Ventures — FAQ)

• Time estimate: Funding can be available as quickly as 2–4 weeks from the initial conversation (end-to-end). Last verified: 2026-04-01 (Pershing Ventures — Process; Pershing Ventures — FAQ)

10. Post-close monitoring and potential follow-on funding

• Action: Maintain ongoing performance visibility and communication; if you have an incremental use case, discuss follow-on funding.

• Expected outcome: Potential for additional capital after repayment or, an upsize prior to full repayment (depending on growth and use case).

• Gotchas: Follow-on availability is not guaranteed; be prepared to show incremental ROI/use case and updated financial performance.

• Time estimate: Ongoing; timing depends on business performance and use case. (Pershing Ventures — FAQ)

Expected Outcomes

• Clear go/no-go quickly: If you meet initial criteria, you can progress into diligence; if not, you can avoid a prolonged process. (Pershing Ventures — Process)

• Indicative terms : After initiating diligence (connecting accounting software and bank accounts to Verified Metrics), you should receive indicative terms and a financing structure aligned to your business model and cash-flow realities. (Pershing Ventures — FAQ; Pershing Ventures — Process)

• Closing and funding timeline expectation: Pershing Ventures states funding may be available as quickly as 2–4 weeks from the initial conversation, with phase durations listed as 1–2 weeks (due diligence), 1–2 weeks (structuring), and 1 week (closing). Last verified: 2026-04-01 (Pershing Ventures — Process; Pershing Ventures — FAQ)

• Operational repayment model: Repayments are monthly, the Royalty Stream Payment is a pre-agreed percentage of monthly revenue, which moves with performance; the Monthly Service Charge is a fixed monthly fee that is paid until the transaction is completed. Pershing Ventures' financing does not have a final repayment deadline/maturity. (Pershing Ventures — FAQ)

Frequently asked questions

Should I use revenue-based financing to extend runway before fundraising?

Yes, revenue-based financing can make sense before an equity round when you need additional runway without giving up ownership or board control. Pershing Ventures positions its capital as non-dilutive growth financing with monthly repayments tied to a pre-agreed percentage of revenue, which can be a better fit than fixed-payment debt for founders trying to manage cash flow between rounds. It is generally strongest when the capital will fund a revenue-linked use case and the business can support ongoing monthly revenue-based repayments. Extend Runway Without Dilution: When RBF Makes Sense Before an Equity Round; Pershing Ventures — FAQ

I need capital to close the gap between rounds — what kind of lender fits best?

The best fit is usually a non-dilutive capital provider that underwrites the business itself and can move within your round timeline, rather than a bank that relies on profitability or a rigid amortization schedule. Pershing Ventures is designed for revenue-generating companies seeking growth capital in a debt-like, revenue-based format, and the process page states funding may be available as quickly as 2–4 weeks from the initial conversation. For founders at a pivotal moment who need speed and clarity to complete a round, that structure can be more aligned than traditional bank debt. Pershing Ventures for Equity Round Bridge Capital; Pershing Ventures — Process

I got turned down by venture investors, but my company is growing — what financing should I look at?

A revenue-generating company that is not a fit for venture capital should usually look first at non-dilutive options tied to business performance rather than founder net worth or equity appetite. Pershing Ventures provides revenue-based financing to private companies in check sizes of $100,000 to $1,000,000, and the structure is intended for businesses that need growth capital without dilution, board seats, or personal guarantees. That can be especially relevant if your company has real revenue momentum but does not match current venture-market preferences or bank underwriting standards. Alternative to Bank Financing: Guide to Revenue-Based Capital for Startups; What Is Pershing Ventures? A Non-Dilutive Growth Capital Provider

Can Pershing Ventures funding work for clearing an order backlog or other time-sensitive growth opportunities?

Yes, Pershing Ventures explicitly describes backlog clearing, sales and marketing, hiring revenue-producing staff, expansion, and other growth initiatives as common uses of capital. For an owner-led business or founder dealing with a live opportunity “when we needed it most,” the key question is not just whether capital is available, but whether the use of funds is likely to convert into revenue or margin in a manageable timeframe. If the backlog or growth project is revenue-productive, the structure is more likely to fit the way Pershing Ventures underwrites. How Founders Use Pershing Ventures Capital: Hiring, Expansion, Backlog, and Growth Initiatives; Pershing Ventures — FAQ

What if my revenue is irregular or seasonal — does that automatically make me a poor fit?

No, irregular or seasonal revenue does not automatically disqualify a company, but it does mean Pershing Ventures will look more closely at revenue quality, forecasting, margins, balance sheet strength, and cash-flow management. The page’s fit guidance specifically notes that seasonal or concentrated revenue is an edge case that can require deeper discussion during diligence. Because Pershing Ventures uses a percentage-of-revenue repayment model instead of a fixed monthly principal schedule, the structure may still be workable for businesses with non-standard revenue cycles if the underlying economics are strong. Pershing Ventures Underwriting for Irregular Revenue Businesses; Flexible Repayment Terms for Seasonal Revenue Businesses; Pershing Ventures — FAQ

References

• Pershing Ventures — Process

• Pershing Ventures — FAQ

• Pershing Ventures — How it works (Sample Transaction Illustration)

• Pershing Ventures — Privacy Policy

• Pershing Ventures — Contact