Ann: Spenda Executes Sale Agreement for Invoice Finance Portfolio, page-89

Probably more than one reason but cash was one. To grow the DW you need to top up the first loss. And given revenues have been on the discounting side, runway has always been tight. The path was to grow the DW quickly when they had the resources, hoping for some SP appreciation and then raise capital for runway. Not sure why it stalled very early. My guess is the funds were not really available. And then they got caught by poor financials.
But, this organisation is probably ima better place not managing risk. So in hindsight, current strategy suits them best, imo.