This demo illustrates the future lifecycle of the invoice finance process for SMEs, debtors and investors in the Clear Factor ecosystem in the UK

Small businesses power the global economy

So why are so many denied access to fair finance?

Clear Factor is a transparent, democratised global invoice-finance ecosystem that provides every viable SME with access to fair and affordable working capital. It disrupts an existing €2.6 trillion market and addresses an additional €2.3 trillion market of small businesses denied finance today.

Our team has held senior roles at CHAPS, Bank of England, Lloyds Commercial Finance, Vocalink, Credit Suisse, M&S and Selfridges. Our technical team comprises researchers and academics with extensive experience in cryptography and decentralised protocols.

Clear Factor uses Ethereum to create smart contracts for the outcome of each invoice finance auction and Stellar for cross-border money transfers of invoice finance in any currency. We build upon a strong existing platform from day one: the Decimal Factor 10‑year‑old UK‑based lending brokerage. FactorToken (FXO), designed for stability and retention, lies at the heart of the ecosystem.

Join the Fair Finance revolution today

The global market for invoice finance currently stands at €2.6 trillion annually

FCI World Factoring Statistics 2017
world factoring volume

Clear Factor has an important real world problem that it is solving for one of the most important areas of the economy — SME’s

In the news

SMEs create 4 out of 5 jobs…yet the vast majority of them, nearly 250 million in emerging markets alone, lack access to viable credit

FCI World Factoring Statistics 2017

Our ecosystem

We aim to give every viable SME anywhere on the planet access to the affordable working capital they need to grow.

Our ecosystem is transparent, borderless and democratised

There are two layers of underwriting: the Clear Factor/Decimal Factor (CF/DF) score and the Underwriter score. During the Invoice Auction, the interest rate is agreed via smart contract mutual consensus.

1.0% of the withdrawal amount is taken as an ecosystem fee upon withdrawal of money.

Unlike traditional invoice finance, there are no lock-ins, impositions, hidden costs, contractual binds or personal guarantees. Plus the SME receives quick payment against the invoice.

A funding gap of €2.29 trillion ($2.6 trillion) exists for small businesses in developing countries

World Bank, 2016

Users & incentives

We will build a borderless global community of SMEs, investors, underwriters and brokers.

It’s a totally new kind of ecosystem designed from the SME up, rather than the bank down. There will be no unfair exploitation of any constituent, with power more equally distributed and incentives for good behaviour.


The SME is the invoice seller. The SME, along with anyone else in the ecosystem, can also act as a Broker or offer FactorTokens (FXO) (ecosystem token) as collateral for Foreign Exchange (Fx) hedges to receive incentives in FXO.


Registered professional local to the country of origin of the invoice payer, i.e. the Debtor, who receives fees in FactorTokens (FXO) per invoice underwritten.


Pays in FactorTokens (FXO) to advertise in the ecosystem.


The SME’s customer. Rewarded in
FactorTokens (FXO) for confirming the invoice and on-time payment behaviour.

Trade Investor

Professional or institutional investor based anywhere in the world who can build up a community of followers and earn commission in FactorTokens (FXO).

Individual Investor

Invoice buyer operating as an individual who now has a new profitable investment instrument and also has the option to earn more by offering FactorTokens (FXO) as collateral for Fx hedges.


There are 2 types: SME Broker, who introduces SMEs into the ecosystem and Investor Broker, who introduces Investors into the ecosystem. Both receive their brokerage fee in FactorTokens (FXO). Anyone in the ecosystem can act as a broker. Equally, anyone can also offer FactorTokens (FXO) as collateral for Fx hedges.

Distributed ledger technology will bring substantial benefits to Clear Factor because it will reduce the process cost, allowing us to democratise the offering to SMEs and micro SMEs

Simon Featherstone, former Global CEO Bibby Financial Services


  • Q1
    1. Ethereum Smart Contracts completed
    2. Stellar Integration completed
    3. All ecosystem user journey mock-ups completed
  • Q2
    1. Alpha MVP (Minimum Viable Platform) completed
    2. UK marketing push
  • Q3
    1. User Testing & Beta MVP completed
    2. EU marketing push
  • Q4
    1. MVP v1.0 launched (i.e. ecosystem goes live) with web and optimised for mobile
    2. UK & EU marketing push continued
  • Q1
    1. Apps for iOS and Android launched
    2. First set of Community Improvement Requests (IR) prioritised
    3. UK, EU & US marketing push
  • Q2
    1. First set of Community IRs implemented
    2. UK, EU, US, South America & Asia marketing drive

The industry experts that Clear Factor has brought together to disrupt the SME financing market is a wonderful opportunity

Tim Everest, former Chief Risk Officer, CHAPS, Bank of England

Sanjay Padhee

CEO, Clear Factor

24-years’ technology leadership in a mix of SMEs and FTSE 100 organizations (Carphone Warehouse, Elsevier). Creator of SPIDER® algorithms & framework and researcher on blockchain protocols.

Ricky Shankar

Chairman, Clear Factor

Currently also Chairman of Decimal Factor. Formerly CEO of a number of software businesses in the UK & USA. 23-years tech experience in London, Paris, Chicago and Mumbai.

Kaloyan Georgiev

Head of Research, Clear Factor

Blockchain investor, evangelist and researcher in decentralized systems. Fundamental and technical analyst on digital assets, consultant and OTC trader.

Manoj Karkhanis

CEO, Decimal Factor

Successfully built Decimal Factor (since 2008) as a recognized credit brokerage & international online payments business in the UK. Started his career at Xerox.

Dr. Theodosis Mourouzis

Cryptologist, research fellow at the UCL-CBT, Managing Director of Cyprus Blockchain Technologies a non-profit organization with some of its members being Oracle, Bank of Cyprus, KPMG Cyprus. Advisor to the Cyprus government on blockchain protocols and Lloyds Maritime Academy on big data analytics.

Dr. Kyriacos Pavlou

PhD dissertation (University of Arizona) on database forensics and information accountability. Chief programmer on several NSFfunded projects. Research fellow at UCL-CBT and a co-founder of InfoLab, the data management lab at CIIM.

Dr. Stylianos Kampakis

Data scientist & tokenomics specialist. PhD (UCL), research fellow at UCL-CBT, member of Royal Statistical Society, technical author. Research & interest topics include blockchain, tokenomics, chatbots, cybersecurity, demand forecasting, marketing.

Nikolas Markou

Lifelong technologist, smart contracts lead, software engineer with specialities in Machine Learning (Deep Learning, Unsupervised Learning, Neural Networks, Hidden Markov Models) and Computer Vision (CNN, GAN, Object Detection, Object Tracking, OpenCV).

Simon Featherstone

Our global markets expert, Simon’s career history includes MD of Business Finance at Shawbrook; Global CEO of Bibby Financial Services; and MD at Lloyds TSB Commercial Finance the UK leader in Invoice Finance

Peter Presland

Peter was formerly Executive Chairman of Rebus Group Plc; CEO of C.E. Heath & Co.; Chairman of LINK Interchange Network Ltd; and Chairman of VocaLink Ltd.

Tim Everest

A global payment platforms and money risks expert who is CEO at Cheques & Credit Clearing Company. Previously CHAPS COO & Chief Risk Officer Bank of England; Transformation CIO at Deutsche Bank.

Tracy Fletcher

Founder & Director of Campbell & Fletcher Ltd Tracy has been an entrepreneur since the past 12 years. She has over 20 years of experience in banking, having worked at senior levels for HSBC with particular expertise in leading large retail teams, relationship management and operational risk.

Alan Bernard

20+ years as a Business & IT leader at M&S and then responsible for launching Selfridges’ first digital platform. Alan brings his debtor relations and supply chain expertise

Christiana Aristidou

Business-Technology Lawyer- Certified Legal Project Practioner (IILPM)-Blockchain Law- ISO/TC307 Cyprus National Delegate. Founding Member of Cyprus Blockchain Association.

Nand Kumar

Serial fashion entrepreneur & business owner. President of the Indian Association of North Italy and Vice President of the Indian Business Association of North Italy.

Ralph Topping

40+ years at William Hill, the last 6 as CEO during which he quadrupled William Hill’s value and made it the UK market leader in Online and Retail betting.

Decimal Factor, a digital credit broker, is delighted to partner with Clear Factor. We’ll help Clear Factor grow by providing new-business leads, proven credit-scoring algorithms and granular insight into 600,000 SME prospects

Manoj Karkhanis, CEO, Decimal Factor

Token Distribution

  • Total FactorToken (FXO):
    200 Million


FactorToken (FXO) lies at the heart of our ecosystem.

It has been designed to maintain its value, have a stable supply, and incentivise holders to retain it. In addition, a feature suggestion protocol will allow those within the ecosystem to help guide its response to unforeseen technical and marketplace challenges.