The Sovereign Hook Seed / Series A · 2026 · Confidential
01 · The Missing V4 Unicorn
ETERNA
PULSE

Sovereign Capital Infrastructure for the Digital Economy

Bridging the asset-light SME financing gap in Slovakia & CEE with algorithmic Profit-Based Financing (PBF), a purpose-bound capital rail and risk-based, ESG-linked pricing.

No HardCollateral.ZeroDilution.Real-TimeFlow.
0/4
V4 states with a unicorn
0
Slovak-anchored fintech unicorns
€0B+
CEE SME credit gap
Click a node
Slovakia · ?
Who claims the Slovak anchor? Talent and connectivity are in place; an autonomous capital rail is not.
02 · Basel vs. Digital Reality

The €40B Credit Deadzone in CEE

Digitised SME ops*
≈0%
e-invoicing · ERP · online payments
Bank approval, asset-light
<0%
collateral-gated SME loans
Intangible asset share
0%
data, code, customers
Digital turnover CAGR
0%
CEE digital-first SMEs
The Basel trap

Basel III/IV capital weights reward tangible collateral. A SaaS firm, an e-shop or a lean manufacturer is valued on cash flow, so it is priced out by design.

SK founderDelaware / London flipIP & tax leave
Digital turnover index (2019 = 100) vs. bank approval rate, asset-light SMEs
━ Digital turnover━ Approval rate
DESI · Slovakia vs. EU-27 (enterprises, %)
indicative
Sources: EU DESI / Digital Decade · OECD Going Digital Toolkit · World Bank Data360 (credit baseline). *Eterna composite estimate. Benchmark values indicative; verify against the latest release before presenting.
03 · Profit-Based Financing (PBF)

From collateral-backed to profit-linked capital

PBF FIXED FEE · FLEXIBLE INSTALMENT
Instant API
Ingestion
Real-Time
Scoring (OCACR)
Purpose-Bound
Capital Rail
Profit-Linked
Instalment
Stage 1 / 4< 90 s
Instant API Ingestion
Eterna Collar · quick view
Green Alpha
Monthly revenue€30,000
Verified sales vs. plan100%
Advance
–
Base instal.
–
This month
–
Tenor
–
Total fee
–
EBITDAproxy = VerifiedRevenue × CM2u − FixedCostsu (frozen) · floor = min(50% base, cap × proxy − debt)
Grade B reference merchant (18% EBITDA, 40% CM2): advance = min(1.5× revenue, 50% EBITDA DSCR sizing, stress limit) · instalment indexed to the Verified EBITDA Proxy · dynamic floor never breaches the DSCR cap · 18-month hard cap. Full engine: Launch Live Simulator →
04 · Algorithmic Underwriting & the Green Alpha

High-dimensional underwriting,
priced by sustainability

Hazard formulation
PDadj = σ( wTX − γ·αg − θ·Cp )
X: live feature vector · αg: Green Alpha ∈ [0,1] · Cp: cash-flow persistence
Live feature store
streaming
Pipeline · feature importance (|SHAP|, live)
Shopify · Odoo · Stripe · PSD2 Feature store GBM + logit calib. Decision < 90 s
Merchant scoring simulator
LTV / CAC3.8×
Inventory turns / yr6.0×
Green Alpha active hypothesis
Packeta Z-Box + compostable kraft
PD (12m)
–
 
Flat fee
–
 
–
DecisionApproved
Green Alpha effect (−22% default risk, −150 bps fee): Pilot back-test, n=1 · Design hypothesis, not yet validated out of sample. Final grade = worse of score-grade and PD-grade (PD↔grade notch). Model governance aligned to EU AI Act high-risk (credit scoring) obligations.
05 · Purpose-Bound Capital Rail

Credit can only reach verified payees.

PROFIT-LINKED INSTALMENT · SEPA B2B / PSP SPLIT CapitalFacilitySENIOR + EQUITY Pulse CoreLEDGER · RULES MERCHANTPulse WalletEMI partner · EUR€0 Supplier walletsW2W · instant · €0 fee Ad platforms APIMeta · Google · TikTok Linked virtual cardMCC 7311 only B2B networksuppliers → merchants Ad invoicessettled at checkout LEDGER GATE Payee gate✕ credit → personal IBAN✕ unverified / UBO-linked✓ own receipts redeemable UBO MATCHshared IBANno Peppol invoicepayout blocked
Fire a ledger event
Ledger log
pulse-ledger
Leakage Target
< 0.5%
Supplier payout fee
€0
An EMI partner holds the wallets. The credit line is drawable only to verified payees: suppliers wallet-to-wallet after VIES + UBO checks, ads via platform APIs or MCC-restricted linked cards. The merchant's own receipts remain freely redeemable. Leakage is a target, not a result.
06 · Red-Team Defences

Five ways to break us. Every one meets a shield.

click a row
Attack vectorDefence layersResidual
Shield layers · –
0 layers
Inherent
Residual
LowMediumHigh
Residual ratings are management's design assessment after mitigation, not an audit opinion. Full log: Appendix B · Red-Team Audit Log.
07 · Three Entities, Three Licences

Lend, hold and read data in separate, licensed boxes

InvestorsSENIOR FACILITY + EQUITY Eterna CapitalB2B LENDERno deposits · no consumers EMI partnerWALLETS · SAFEGUARDINGown EMI licence in Phase 2 Merchant walletPURPOSE-BOUND LINEown receipts redeemable Verified payeessuppliers · ad APIs Customersreceipts in Bank · PSP · eKasa+ PEPPOL E-INVOICES Licensed AISP aggregatorPSD2 ACCOUNT INFORMATION Eterna DataOCACR SCORINGAI Act Annex III governance REPAYMENT · SEPA B2B MANDATE / PSP SPLIT SETTLEMENT CREDIT LINE DRAWABLE PSD2 CONSENT DECISION ━ MONEY━ DATA
Regulatory calendar
1 Jan 2027
Slovak mandatory domestic B2B e-invoicing (Peppol → Finančná správa). A tax-grade truth source for every supplier payout. law
2 Dec 2027
EU AI Act Annex III: credit scoring of natural persons (živnostník) is high-risk. Date per the Digital Omnibus deal. provisional
Apr 2026
PSD3 / PSR final compromise texts published: open-banking access and fraud-liability rules. adoption pending
Ongoing
NBS innovation-hub dialogue on the three-entity perimeter. in progress
What we are not
✕
Not a bank
✕
No deposits
✕
No merchant e-money
Dates as publicly announced; the AI Act date is provisional and PSD3/PSR adoption is pending. Verify the status before external distribution (press S for sources).
08 · Case Study · Pilot v1

Pilot unit economics: RAVO KAFE

Pilot v1 · n=1 · founder-reported
Monthly revenue
€15,400
€0
+36.4%
Working-capital gap
45 days
0 days
eliminated
ESG packaging
plastic mix
0%
compostable · αg on
Repayment
10% daily sweep
0 mo
zero missed days
Net IRR · pilot
n=1 · founder-reported
0%
annualized
Daily split settlement · outstanding balance vs. cumulative repaid (€)
■ Outstanding━ Repaid
Facility terms
Advance€15,500
Flat fee8.0%
Total settled€16,740
DeploymentAds 60% · Stock 40%
Collateral / equitynone / 0%
Pilot v1 ran on a revenue sweep. Eterna Pulse v2 moves to wallet-based, profit-linked instalments.
Pilot v1 · n=1 · founder-reported. Results are not audited and are not a portfolio track record; settlement curve reconstructed from monthly revenue and the 10% daily sweep.
09 · Risk-Based Pricing Pays

Every grade clears loss + cost of funds

Design target · per €100 advanced · 9-month cycle
Fee yield vs. expected loss vs. cost of funds, by grade (€ per €100)
■ Fee yield■ Expected loss■ Cost of funds◆ Risk-adj. margin
Target portfolio grade mix
Blended margin
–
per €100 · cycle
GradeMixPD midFeeMargin
Computed by the same ENGINE as the simulator: fee = rate × 9 mo; EL = PD × 60% LGD × 0.6 EAD; CoF = 10.4% × EAD × 9/12.
Targets, not results. PD mid-points of the calibrated bands (A 1.5% · B 3.75% · C 7% · D 12%); Green Alpha discount excluded. Grade D share capped by policy.
10 · Asset–Liability Management

What if 40% of the book extends at once?

Design hypothesis · €100M illustrative book
Stress the book
Share of book extended40%
Extension multiple (tenor ×)1.5×
Hospitality concentration20%
policy limit 25%
Funding design
✓Warehouse revolving period ≥ 24 months
✓Extension-adjusted borrowing base (1.10× trigger)
✓6-month liquidity reserve
✓15–20% first-loss equity
✓Concentration limits · hospitality ≤ 25%
✓Forward-flow sale of seasoned receivables
Run-off stress · origination halted · collections vs. senior debt service (€M / month)
■ Collections━ Senior DS┅ Cash buffer
Illustrative €100M book · 80% senior at 8.5% · 20% first-loss equity at 18% · 9-month average tenor · warehouse terms out over 18 months in run-off. Model outputs, not guidance.
11 · The Capital Velocity Engine

Three revenue streams. One fast-spinning balance sheet.

Revenue model by annual origination
€15M
€15M€100M€1.2B
Net revenue
–
Flat financing fees 6.5–8%/cycle–
Wallet & payments yield card · FX · float–
Analytics SaaS €79/mo tier–
Assumes 8% avg fee (Grade B), 85% of capital spent through the wallet at a 1.1% blended payments yield, 40% SaaS attach on a €25k avg facility.
Value of €100 of capital, reinvested · 5 years
━ Eterna Pulse━ 3-yr bank term
Capital turns / year1.8×
Gross yield
–
Levered ROE*
–
Velocity vs bank
–
*Model: 8% fee/cycle, 1.2% loss/cycle, 80/20 senior facility at 8.5%, pre-opex. Bank comparison: 7% p.a. term loan recycled every 3 years.
12 · TAM · SAM · SOM

Slovakia is the testbed. The V4 is the prize.

Founder estimates
TAM €160B SAM €28B SOM €450M
SOM · 36-month target
€450M cumulative origination
≈ 18,000 facilities at a €25k average ticket, recycled ~1.8× per year across SK, CZ and HU.
Go-to-market phases
Phase 1 · Slovak LaunchpadM0–M12
Bratislava HQ · NBS innovation hub dialogue · Shopify, Shoptet, Stripe, Odoo, Pohoda & POS connectors · first 600 merchants
Phase 2 · Czechia & HungaryM12–M24
Cross-border Packeta integration · EU passporting · supplier-wallet network effect · CZK/HUF settlement
Phase 3 · Poland at scaleM24–M36
Largest V4 SME market · manufacturing & e-commerce · BLIK/PLN rails · €100M+ senior facility
TAM = EU digital-SME gross merchandise value; SAM = unserved CEE SME working-capital demand; SOM = Eterna Pulse 36-month cumulative origination target. Founder estimates.
13 · Valuation Trajectory

The path to Slovakia's first €1B+ fintech

Projections, not guidance
Origination vs. valuation (€M, log scale)
■ Origination━ Valuation
Scrub the timeline
Year 5
Origination
–
Net revenue
–
Valuation
–
Progress to unicorn line–
YearOriginationNet revMultipleValuationFootprint
Forward projections, not guidance. Multiples of ~11× NTM revenue reflect alternative-lending / embedded-finance comparables at growth stage. Years 2 and 4 interpolated.
14 · Executive Summary

Slovakia doesn't lack talent or ambition; it lacks an autonomous capital rail. ETERNA PULSE is the infrastructure to turn local innovators into European champions.

The execution engine · founder
Commercial Credit Risk
National Bank of Egypt · credit analyst. Knows exactly why banks say no.
SME Operations & ERP
RAVO KAFE · APEXEDU. Odoo deployments, cash-flow operations, the pilot itself.
Quantitative Finance
EUBA Bratislava research · CBCA · FMVA. Built in the heart of Slovakia.
We are looking for Seed lead EMI wallet partner Senior debt facility NBS sandbox access
No hard collateral. Zero dilution. Built in Bratislava.
Appendix A · Global Index Benchmarks

The paradox in six indexes: digitally ready, capital starved

Values marked ≈ are indicative ranges from recent editions; refresh each figure from the source dashboards (press S) before external distribution.
Appendix B · Red-Team Audit Log

We attacked our own model before you did

Severity before mitigation; residual after. Every mitigation is implemented in the live simulator ENGINE and covered by its self-test (press T in the simulator).
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Eterna Pulse · OCACR credit underwriting

AI Credit Underwriting Engine & Credit Committee Memo

OCACR scores operating cash flow, unit economics and ESG signals, reconciles revenue to cash, assigns a risk grade (A–F) that sets the advance multiple, DSCR cap and fee, stress-sizes the facility under the Eterna Collar Framework and prices expected loss. Built for e-commerce, SaaS, retail, hospitality and manufacturing.

1Application
2Forecasting
3Committee
4Memo
Load a profile
ACompany profile
Company name
Sector
Country
Months trading
Platform connectors
BProfitability & cash flow
Average monthly revenue (platform-reported) €30,000
EBITDA margin 15%
Monthly operating cash flow, OCF (€) auto = 85% of EBITDA
Opening cash balance (€) auto = 0.5× revenue
Existing monthly debt service (€)
Revenue volatility (12m)
CUnit economics & working capital
LTV / CAC ratio 3.5×
Customer LTV (€)
CAC (€)
CAC payback period 8 mo
Repeat purchase / renewal rate 30%
Contribution margin (CM2) 35%
Cash conversion cycle (CCC) 45 days
CCC = inventory days + receivable days − payable days. Negative CCC (customers pay before suppliers) is a strength.
DESG & use of funds
Green Alpha (ESG)
Green logistics, compostable packaging, energy-efficient ops. −150 bps on every grade's base fee. Design hypothesis
Use of funds Suppliers 50% · Acquisition 50%
EData integrity & security
Verification sources connected Cash › Tax › Platform
Revenue reconciliation gap 2.0%
✓ ≤ 5% clean! 5–15% haircut✕ > 15% decline
Share of platform-reported revenue (Shopify / POS) not matched by PSD2 inflows, PSP payouts, eKasa receipts or VAT returns.
Number of suppliers
Planned spend to suppliers onboarded < 90 days 10%
UBO overlap between payees and merchant
E-invoice match rate (Peppol → Finančná správa) 85%
Mandatory domestic B2B e-invoicing in Slovakia starts on 1 January 2027.
Security package LGD starts at 85% unsecured · floor 45%
API kill-switch · preview (read-only)
collection never depends on the API
OCACR forecasting engine
0%
§1 Decision · credit committee ·
DECLINED.

§3RiskWhy OCACR said no
Risk premium waterfall
12-month PD build-up
Final 12m PD
–
§6IntegrityTruth hierarchy · payee graph
§1 Decision · credit committee memo · ·
APPROVED.

Executive summary & recommendation

§2StructureGrade → DSCR → stress → approved
§3RiskOCACR waterfall · PD ↔ grade consistency
W2 · OCACR scoring
Risk premium waterfall
Final 12m PD
–
■ Base risk▼ Risk reducers▲ Risk premia■ Final PD
§4Liquidity1,000 seeded Monte Carlo paths
§5StressEterna Collar · 4 scenarios · workout ladder
§6IntegrityFraud · compliance · data feeds
§7Loss & RecoveryPD × LGD × EAD · risk-adjusted return
Stress lab · custom execution path

Model any month-by-month EBITDA proxy path

Instalment = base × (Verified EBITDA proxy ÷ underwritten EBITDA), clamped by the collar, with a dynamic floor that never breaches the grade DSCR cap. Shortfalls extend the tenor; months beyond the contract tenor accrue the time-value rate. Months after M12 assume 100%. Hard cap: month 18.

Presets
Collar floor (minimum instalment, before DSCR clamp) 50%
Collar cap (maximum instalment) 150%
API kill-switch · data blackout
Disconnect in
Duration
Fraud injection
Simulates a wallet payout to a payee that shares an IBAN with the applicant. The payee gate runs the 4-layer check in real time.
MonthProxyAppliedInstalmentTime-valueBalanceFeed
§8CovenantsMechanics · purpose-bound rail · sign-off
Purpose-bound capital rail
Covenants & mechanics