By how they price
Fees at closing. Subscriptions billed a year in advance. Prepaid usage. Costs settled monthly. The company holds the cash before it spends it.
We build financial services that don’t need venture capital.
FinTech Studio builds in one industry: financial services and the infrastructure underneath it. We develop the thesis, assemble the team, and run everything that is not product and market. Four theses are open now.
02 · The shift
The venture model was never irrational. It answered a scarcity that no longer exists.
The advantage moved from the largest checkbook to the best access.
03 · The inversion
Working capital used to be a brake. We build companies where it runs the other way.
days · cash conversion cycle
Every company we build holds a negative cash conversion cycle — through how it prices, or through how it finances.
Illustrative figures for a company with 24 million euro in annual revenue growing at 40 percent. See the calculation
04 · The studio
Origination here is a process, not luck.
- 01 · Thesis
We name a specific application where compute carries the scaling and the business funds itself.
- 02 · Casting
We assemble the founders and the key roles around that thesis. The thesis does not bend to the team we happen to find.
- 03 · Build
We write the strategy and the implementation plan, and we stay operational through the first year.
- 04 · Scale
Every function that does not differentiate the company stays with us.
The thesis comes first. The company is built to fit it.
Every thesis sits in financial services or the infrastructure underneath it — payments, credit, treasury, compliance, capital markets. That narrowness is deliberate. It is the industry we have operated in, where our network reaches, and where WALBING gives us something a generalist studio does not have.
05 · Corporate services
Your team builds product and market. We run the rest.
Product Management
Finance
People
Controlling
Legal
Regulatory
You start with a working company instead of spending your first year building one.
06 · Self-funding
We only build companies that fund themselves.
By how they finance
Where a business carries receivables and supplier liabilities, WALBING buys the receivables and extends the payables. The cash conversion cycle turns negative without anyone issuing equity.
| Component | Without WALBING | With WALBING |
|---|---|---|
| Receivables outstanding | 60 days | 3 days |
| Inventory | 30 days | 30 days |
| Payables outstanding | 30 days | 75 days |
| Cash conversion cycle | +60 days | −42 days |
These figures describe a company with 24 million euro in annual revenue growing at 40 percent, with cost of goods at 60 percent of revenue. On those numbers the inversion frees roughly 5.5 million euro — about what a seed or Series A round would raise, without anyone giving up a share. The example shows how the mechanism works. It is not a quote. What WALBING charges in a specific case depends on the creditworthiness of the debtors, the legal structure of the transaction, and the regulatory requirements that apply to it. We show you the actual numbers for your business before you commit to anything.
Either way, growth pays for itself. We treat that as a selection criterion, not as an outcome.
07 · Open theses
Theses in search of founders.
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Identity as a state, not an event
Video identification produces a snapshot. Sanctions status, beneficial ownership and signing authority all change afterwards, so firms re-verify by campaign — late, at cost, and at the moment the customer is least willing.
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Credit risk measured in days, not letters
B2B credit scores are built on filed accounts that are six to eighteen months old, and a letter grade carries no horizon. A lender wants to hear that a debtor has roughly 140 days of runway. That is a decision. BBB minus is not.
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The forward cash view, live
Treasury systems serve the top of the market. Below it the forecast is a spreadsheet, owned by one person and refreshed monthly, inside companies that run several banks, currencies and legal entities.
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From exposure to instrument
A finance chief facing a three million euro gap in sixty days has a dozen options and compares none of them. The decision goes to whichever bank called first.
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A thesis of your own
If you know a market well enough to name what is broken in it, tell us. We read every one.
Six theses are live. These four are the ones we are staffing now. See all six
08 · Selection
The thesis does not overreach.
We build
- Financial services, and the infrastructure underneath
- Compute replaces headcount growth
- Revenue recurs, or is billed in advance
- Cash arrives before costs are settled
- Founders who count
We don’t
- Industries where we have no operating history
- Growth that needs people in proportion
- Structural dependence on burn
- Capital tied up in assets or inventory
- Growth at any price
In biotech, hardware and deep tech with heavy physical assets, pre-funded equity is still necessary. Compute does not replace a laboratory or a production line. The argument holds where compute carries the scaling, and nowhere else.
09 · Partner
WALBING
The lever has a name.
WALBING is a B2B platform for structured receivables financing. Companies sell their open receivables through it and extend their supplier payment terms, which is how a cash conversion cycle turns negative.
Every company we build gets access as part of what the studio provides. For some of our theses that access decides the financing model. For the ones already billed in advance, it stays unused — and we say so rather than claim every company needs it.
The bottleneck is no longer money. It is access and timing.
If you know a market well enough to name precisely what is broken in it, we would like to hear from you. You do not need to have founded a company before. That is the part we do.