Origination LOS
Liquid Logics · LendingWise · Mortgage Automator · Baseline
Borrower-side lifecycle. Treats investors as one account.
Private credit · operating layer
Built and live · production-readyThe LP-economics layer for private credit.
Origination platforms own the borrower side. Fund-admin tools own LP cap tables. No one owns the seam between them — where every credit fund manager actually spends their operational time. Settlemark sits in the seam, with on-chain settlement as the connective tissue.
End-to-end loan lifecycle, plus the LP economics LOS-only platforms punt on: tokenized investor positions, atomic on-chain distributions, continuous audit, and a path to secondary liquidity. Launch in weeks, not months.
Tokenized LP positions, provable on-chainDistributions settle in seconds — sub-cent costYour fund · your wallets · your custody
<5 sec
Distribution batch settles on XRPL — vs. 1–3 days ACH
$0.000022
Per-LP settlement cost — vs. $25–35 wire fees
Continuous
Audit reconciliation — vs. $25K–120K annual fire drill
Weeks
To launch — vs. an 18-month custom build
The operational tax
Where your operational time actually goes.
Private credit fund managers spend the majority of their post-funding operational time on LP economics — work that has nothing to do with originating loans. The work scales linearly with AUM and none of it is differentiating. Every line item below exists because no platform connects loan-level economics to LP economics.
Allocation
A spreadsheet of LP preferences. Manual matching on every new loan. Email chains confirming who got what slice. Hours per close.
Distribution batch
Bookkeeper computes per-LP amounts, initiates ACH or wire batch, reconciles bank confirmations, updates the GL. Hours every cycle.
LP reporting
Monthly statements, quarterly performance, year-end 1099s — built in spreadsheets, emailed as PDFs. The LP portal that should exist doesn't.
LP onboarding
Accreditation collection, KYC, subscription docs, wire instructions, email back-and-forth. Weeks per new investor — every time you want to grow.
Audit reconciliation
Annual fire drill tying LOS records to bank statements to GL to LP cap table. $25K–$120K in audit fees plus weeks of CFO prep time.
Secondary liquidity
An LP wants to exit before maturity. Nobody has a system for it. "We'll get back to you."
Structural diagnosis
No one owns the seam.
Origination platforms — Liquid Logics, LendingWise, Mortgage Automator — were built for the borrower side of lending. Fund-admin tools — Juniper Square, Carta, Allvue — handle LP cap tables but don't connect to loan-level economics. Between them is where every fund manager's operational time goes — and where no incumbent is positioned to compete.
The seam
- Allocation
- Distribution
- Reporting
- Audit
- Secondary liquidity
Settlemark.
Fund admin / cap-table
Juniper Square · Carta · Allvue
LP cap tables. Don't connect to loan-level economics.
Liquid Logics doesn't want to be a fund admin platform. Juniper Square doesn't want to be a servicer. Settlemark sits in the seam, with on-chain settlement as the connective tissue. Incumbents would need a multi-year build to attack it — we're in the window.
The solution
Three pillars. All shipped.
What it actually means to “own the seam.” Each pillar starts with the outcome — what changes for your fund — then names the technology that delivers it.
Book a demoTokenized LP positions
Each LP's slice of each loan is a cryptographically-anchored token in the LP's own wallet. The Preference Allocator matches loans to LPs at fund time — no spreadsheet, no email allocation meetings. Positions are verifiable by LPs, auditors, and tax counsel without taking your word for it.
On-chain settlement (with provable spread)
Every monthly distribution is one atomic XRPL batch. Atomic across all LPs. Final at ledger close — seconds, not days. If your fund retains a spread between borrower rate and LP yield, the platform makes it provable on-ledger. No bait-and-switch. No buried spreadsheet math.
Continuous audit
Reconciliation between borrower payments, LP distributions, GL entries, and bank records is continuous — not a December fire drill. Auditor self-serves verification via XRPL Explorer, without touching the platform. Sophisticated LPs see real transparency, not "trust our spreadsheet."
You keep control
Your fund, your wallets, your institutional custody (BitGo Trust or Ripple Custody), your investors. Settlemark is software — we never hold your keys or your capital. Every LP holds their own MPT in their own XRPL wallet.
End-to-end lifecycle
The LOS table-stakes are there too — applicant intake, underwriting, document generation, e-signature, funding, servicing, payoffs. You don't glue together a separate origination system and a separate fund admin tool. One platform, one source of truth.
Compliance native to the chain
Accreditation lives on-chain as an XRPL Credential. Permissioned Domains gate who can hold an LP position. Compliance posture is verifiable by your auditor — not promised by us.
Capabilities · live today
All shipped, in productionThe full stack — origination AND LP economics.
Two stacks in one platform. The borrower-side LOS table-stakes you'd expect — credit, valuation, accounting, insurance, payoff, CRM, pricing, Plaid. Plus the LP-side stack no LOS-only platform has — tokenized positions, on-chain distributions, continuous audit, secondary-liquidity primitives. Configurable per tenant.
Underwriting
Credit pulls + background
Tri-merge credit reports and background checks integrated into the underwriting workspace. Per-tenant credentialing — you bring your own bureau access or use facilitated credentialing.
Underwriting
Property valuation
Instant AVM at intake, appraisal/BPO order management end-to-end. Approval gates on valuation if your sheet requires it.
Accounting
Double-entry accounting + QuickBooks
Event-sourced GL with idempotent emit; CSV + IIF export today, live QBO OAuth2 sync.
Distribution evidence — link to on-ledger tx
gl_event.settlement_ref.xrpl_tx_hash = "AABBCC11…F1F77BCF86CD799439011"
Every lender distribution journal entry carries the XRPL transaction hash an auditor can verify on-ledger. Uniquely possible because of the on-chain rail.
Servicing
Insurance + property-tax monitoring
Tightest-rung-only expiration ladder, force-place workflow, optional impound. Protects lien priority.
Servicing
Payoff demand statements
Per-diem accrual, generated by admin, borrower self-serve, or auto-on-maturity. Title companies get good-through dates instantly.
Originations
CRM + lead pipeline
Pre-application leads → activity log → one-click convert to borrower + draft loan.
Originations
Pricing / rate-sheet engine
Versioned per-product rate sheets with LTV/term tiers, deterministic match + jurisdiction usury enforcement, audited override.
Payments
Plaid bank verification + Stripe FC
Plaid Auth/Balance/Assets/Identity for underwriting; Stripe Financial Connections supplies the actual ACH PaymentMethod. Two clean paths, no fragile bridge.
LP Economics
Tokenized LP positions
Each LP's slice of each loan is an MPT in their own XRPL wallet. Preference Allocator matches automatically at fund time.
LP Economics
On-chain distributions
Monthly distribution batches settle atomically on XRPL in RLUSD. Each leg carries a verifiable tx hash linking to the borrower payment that funded it.
LP Economics
Continuous audit + multi-ledger tie-out
GL ties out automatically across Stripe (inbound), XRPL (outbound), and your accounting system. Auditor self-serves verification.
LP Economics
Lender portal + 1099-INT generation
Tenant-branded LP portal showing positions, distributions, and tax docs. LPs see real-time, verifiable on-chain state.
Every capability above is in production today. Integrations are stub-tolerant by default; live mode flips on per-tenant vendor credentialing — we facilitate, or you bring your own.
How it works
Your lending operation, end to end.
One platform spans the whole lifecycle. You configure it to your asset types and your policies; the platform runs the rest.
- 01Your applicant
Applies
Borrowers apply through your branded intake portal. The fields and rules match the asset type you originate.
- 02Your team
Underwrites & approves
Underwrite in one place, generate the documents, and capture e-signatures — all anchored on-chain for a permanent record.
- 03Your investors
Fund the deal
Committed investor capital is allocated to the loan per your policy. Each position issues as an on-chain token in the investor’s wallet.
- 04The platform
Funds & records
Capital is disbursed and the deal is recorded on the XRP Ledger — a verifiable reference to the executed documents.
- 05The platform
Services automatically
Payments, late detection, fees, and defaults are tracked automatically. No more manual servicing spreadsheets.
- 06Your investors
Get paid in seconds
Distributions settle to investor wallets in RLUSD with on-chain receipts — and positions can trade on a compliant secondary market.
Adoption path
You don't have to rip out your current LOS.
Most tenants start at Phase 1 and stay there for 12–24 months. That's fine — Phase 1 alone is enough to make Settlemark sticky.
01
MONTHS 1–24
New originations on Settlemark
Your existing book runs off naturally on your legacy LOS. No data migration. Nothing breaks on day 1. New loans + new LPs + new distributions all live on Settlemark.
02
OPTIONAL
Migrate the existing book
When (if) you want a single system of record, use the book-migration importer. Many tenants skip this entirely and let the legacy book mature off.
03
MATURE STATE
Settlemark is the system of record
Legacy LOS is retired or kept as backup. One platform for every loan, every LP, every distribution.
The comparison
Your fund today. Your fund with Settlemark.
| Without Settlemark | With Settlemark | |
|---|---|---|
| Monthly distribution batch | Hours of bookkeeper time per cycle | Atomic batch — seconds |
| Per-LP wire fee (urgent) | $25–35 at major US banks | Effectively zero (10 drops XRPL) |
| Per-LP ACH (standard) | $0.20–$1.50 per transaction | Same XRPL fee · doesn't scale with LP count |
| Time to LP funds available | 1–3 business days | Final at ledger close (~5 sec) |
| Annual audit | $25K–$120K + ongoing CFO prep | Continuous · auditor self-serves |
| Secondary LP liquidity | Effectively doesn't exist | Permissioned DEX (XRPL) |
| New LP onboarding | Weeks per LP | Days · self-serve · tenant-branded portal |
| LP position verification | Trust the GP's spreadsheet | LP verifies their token on-ledger |
Monthly distribution batch
Without Settlemark
Hours of bookkeeper time per cycle
With Settlemark
Atomic batch — seconds
Per-LP wire fee (urgent)
Without Settlemark
$25–35 at major US banks
With Settlemark
Effectively zero (10 drops XRPL)
Per-LP ACH (standard)
Without Settlemark
$0.20–$1.50 per transaction
With Settlemark
Same XRPL fee · doesn't scale with LP count
Time to LP funds available
Without Settlemark
1–3 business days
With Settlemark
Final at ledger close (~5 sec)
Annual audit
Without Settlemark
$25K–$120K + ongoing CFO prep
With Settlemark
Continuous · auditor self-serves
Secondary LP liquidity
Without Settlemark
Effectively doesn't exist
With Settlemark
Permissioned DEX (XRPL)
New LP onboarding
Without Settlemark
Weeks per LP
With Settlemark
Days · self-serve · tenant-branded portal
LP position verification
Without Settlemark
Trust the GP's spreadsheet
With Settlemark
LP verifies their token on-ledger
Sources: Bankrate · NACHA · Carta · Dimov Audit · XRPL docs. Figures are typical-industry ranges.
Technology
Settlement that doesn't sleep.
The compliance primitives a tokenized credit operation needs used to require a custom, audited smart-contract build. They are now native to the XRP Ledger — and Settlemark packages them into a platform you configure instead of build. Your operation settles in RLUSD, your investors hold verifiable on-chain positions, and your auditors get the same view you do.
Under the hood — the building blocks
XRP Ledger
Public payment ledger settling at ~4 seconds, fractions of a cent per transaction.
RLUSD
Ripple USD — a fully-reserved, BNY-Mellon-custodied, OCC-supervised USD stablecoin native to XRPL.
Multi-Purpose Tokens
Native XRPL primitive (XLS-33) for real-world assets. Each investor position is its own token.
Credentials
Native XRPL primitive (XLS-70). Accreditation lives on-chain as an issuer-signed credential.
Permissioned Domains
XRPL feature gating who can hold an asset — positions only transfer between credentialed investors.
The platform — applicant portal, underwriting, on-chain token issuance, RLUSD distributions, secondary market, multi-jurisdiction servicing, and year-end tax docs — is built end-to-end today. Settlemark is software: you hold your own institutional custody and your own wallets; we never hold your keys or your capital.
Why now
The same rails the institutions are already using.
Tokenized private credit only works when the underlying settlement rails are ones your auditors, your investors, and your counsel are willing to stand behind. The XRP Ledger and RLUSD are operated and reserved by institutions that already serve regulated finance — Settlemark is the software layer that lets a credit originator use them.
BNY Mellon
Custodies the RLUSD reserves that settle every distribution.
OCC supervision
RLUSD is issued under a New York Department of Financial Services trust charter; reserve attestations are public.
Ripple
Issuer of RLUSD and a 12-year operator of XRP Ledger infrastructure used by regulated financial institutions.
BNY Mellon, the OCC, and Ripple are referenced as operators of the RLUSD / XRPL rails Settlemark settles on; they are not customers, partners, or endorsers of Settlemark.
Proof
Built with the originators who go first.
Settlemark is in design-partner deployment with the first cohort of credit originators. Case studies — origination volume, time-to-fund, investor-onboarding speed — will publish here as those partners go live.
Founding cohort · in deployment
First design-partner deployment in progress. Talk to us if you'd like to be considered for the founding cohort.
Design-partner programAsset types
One spine, many asset types.
The lifecycle is the same whatever you originate — only the underwriting changes. Real estate is the live launch product; the platform's Asset/Deal architecture supports additional product types per tenant as your business expands.
- Real-estate transition loans
- Fix-and-flip, bridge, DSCR. Live today.
- Revenue-based financing
- Advances against recurring revenue with factor-rate or revenue-share terms.
- Equipment finance
- Term loans against equipment collateral with UCC-1 filings.
- Small-business term loans
- Amortizing term debt with personal guaranty and business collateral.
- Invoice / receivables
- Advances against receivables with recourse or non-recourse terms.
- Consumer installment
- Regulated installment credit with state-rate-cap awareness.
Compliance & trust
Software you can put in front of an auditor.
Settlemark is the infrastructure behind your fund, not in front of it. You stay the regulated party; we give you a platform built to pass your investors’ and auditors’ diligence.
- What Settlemark is
- A software platform — not a lender, fund, issuer, or custodian.
- Who is the lender of record
- You. You hold your own securities, lending, and compliance obligations.
- Custody
- Your own institutional custody (BitGo Trust). Settlemark never holds keys or capital.
- KYC / accreditation
- Configurable integrations (Persona, Parallel Markets) you run for your investors.
- Settlement
- Ripple USD (RLUSD) on the XRP Ledger.
- Platform security
- Encryption in transit + at rest, hash-chained audit logging. SOC 2 Type I in progress.
- Who is Settlemark for?
- Specialty credit originators and private-credit fund managers — the firms that originate and service their own loans and pay outside investors. Typically $10M–$250M in assets under management. Real-estate lenders are the anchor customer; the platform also supports other asset types.
- Is Settlemark a lender or a fund?
- No. Settlemark is a software platform. You are the lender and the issuer of record; you handle your own fund formation, securities compliance, and investor accreditation. Settlemark provides the infrastructure you run your operation on.
- Do I have to migrate my existing book to start?
- No. Most tenants run new originations on Settlemark while their existing book runs off naturally on their legacy LOS (12–24 months for RE transition lending). When you want a single system of record, the book-migration importer is available — many tenants skip it entirely. No rip-and-replace on day 1.
- Do I keep control of my capital and keys?
- Yes. Each customer holds their own institutional custody (BitGo Trust) and their own XRP Ledger wallets. Settlemark never holds your keys or your capital — we are pure software, never a financial intermediary.
- How long does it take to launch?
- Weeks, not the 18–24 months a custom build takes. The platform is already built; the main gating step is establishing your institutional custody, which we help you onboard. You configure everything else in parallel.
- What does it cost?
- A combination of platform subscription, per-loan and per-investor fees, and a small AUM-based fee that scales with your fund. We share detailed pricing on a demo call.
- What asset types are supported?
- Real-estate transition lending is the live launch product. The platform's Asset/Deal architecture supports additional product types per tenant as your business expands.
- Why XRPL and RLUSD?
- The XRP Ledger now has native, protocol-level compliance primitives (tokens, on-chain credentials, permissioned domains) and settles in seconds for fractions of a cent. RLUSD is a fully-reserved, BNY-Mellon-custodied, OCC-supervised USD stablecoin. Together they let your investors hold verifiable, instantly-settling positions without a custom blockchain build.
- What do my investors experience?
- Real-time, verifiable on-chain positions instead of quarterly PDFs. Distributions that settle in seconds in RLUSD with on-chain receipts. A path to secondary liquidity before loan maturity. For sophisticated LPs (family offices, RIAs, QPs) doing diligence on your fund, this is fundamentally different from "trust our spreadsheet" — they self-serve verification of their own positions.
- What happens to my data if I leave the platform?
- Your loan tape, investor records, payment history, and document archive are yours. We provide a structured export (CSV/JSON plus the underlying signed PDFs) on request — no per-record fees, no lock-in. The on-chain positions and receipts remain on the XRP Ledger regardless of whether you continue with Settlemark.
- Can my investors who aren’t crypto-native still participate?
- Yes. Investors interact through a normal web portal — wire in USD, see their positions and statements, receive distributions. The XRP Ledger settlement is infrastructure under the hood; investors don’t need to manage wallets or seed phrases themselves unless they want to. Sophisticated investors who want self-custody can opt in; everyone else gets a familiar experience backed by verifiable on-chain proof.
Built for the next decade of private credit.
The protocol gives you the compliance primitives. RLUSD gives you the settlement layer. Settlemark gives you the operating platform that turns both into a fund you can run. Book a demo or ask about the design-partner program.