NA Capital-as-a-Service SSTN

The deal file describes an unnamed company initially founded in 2019 as a SaaS financing platform. Its founders wound down that portfolio and focused on building a more scalable merchant-cash-advance product for small US businesses.

Its model uses transaction data and customer relationships from payment facilitators to advance working capital, then collect repayment automatically from merchant revenue. That history explains the underlying cash flow better than the catalog label “NA Capital-as-a-Service SSTN.”

The file does not name the company, borrower, guarantor, servicer or collateral agent. Readers can understand the business model, but cannot independently examine the obligor’s finances or confirm which assets secure the debt.

On 14 November 2024, Tradable’s factory created PC0016245 on zkSync; the first mint followed four days later. The contract fixes the identity with a deal UUID, six decimals and the name Private Credit Direct Deal0016245.

By the review date, the ledger showed 50.6 million units against a configured size of 100 million, seven holders and a closed-ended setting. Those facts identify the token and its balances, but do not identify the legal issuer or debtor.

Current IPFS metadata describes a floating-rate senior secured note, a minimum target IRR of 9.0% and cash interest of 9.0% to 11.6%, with visible PIK interest and fees at zero. Deployment-era metadata instead used one-month SOFR plus about 6%, subject to an approximately 3% floor.

The contract displayed NAV and price at one dollar, but those are manager-supplied accounting fields. They do not show a market-clearing sale or create an unconditional right to redeem at that price.

This token does not circulate like an ordinary ERC-20. Calls to approve, transfer and transferFrom revert, so a holder cannot send units to another wallet or sell them through a normal token market.

The reviewed state listed nine eligible accounts and eight marked for off-chain payment. Only the manager’s administrative path could move balances, tying ownership changes to the platform’s compliance process.

The same manager can mint, burn, change eligibility, edit metadata and NAV, adjust deal size and set the holder limit. A beacon administrator can also change the shared implementation used by connected deals.

Tradable’s process requires identity checks, access to a data room, originator approval and a signed subscription agreement. USDC may pre-fund the offering before moving through originator or custody arrangements into the off-chain loan.

Repayment takes the reverse route only when the originator supplies USDC for distributions. Principal payments burn units, and an early redemption request may be refused or delayed, so the displayed dollar value is not cash available on demand.

Tradable describes itself as a technology provider rather than an adviser, broker, bank or custodian. Its 2025 announcement names Victory Park Capital as an ecosystem partner, but does not establish VPC as issuer of this specific note.

The public record does not disclose PC0016245’s issuer, obligor, maturity, governing law, collateral schedule or payment waterfall. The token proves a recorded balance; the signed documents outside the chain determine who must pay, what ranks first in default and what remedy a holder can pursue.