it's just the beginning for Cirralto!, page-19111

Good question, here's my take.

For the ease of the example, let's just say there is a starting transaction of $10m which is a wholesaler buying from a manufacturer. The wholesaler uses BNPL to pay the manufacturer (CRO get 2%). Then a distributor buys $10m of whatever it was from the wholesaler using BNPL (CRO get 2%). And on it goes.

If Spenda handles all of the transactions then it could be smart enough to know that it can "lend" the same $10m for multiple transactions and clip 2% each time. So instead of having $20m of the facility locked away it might only have to lock away the original $10m even though there have been $20m of BNPL transactions.

Leveraging it this way would be risky, so you would want to ensure you have, say access to the companies ledgers to ensure they have accounts receivable falling due in the payment window to be able to cover the money. As it so happens, ledger integration is exactly what Spenda does. It can do this because it's a vertical transaction e.g. first person pays back first, then next person etc.

This is my take, I could be wrong and AF was talking about something else entirely.