MCA funder portfolio statistics are the operational disclosures (or industry-estimated metrics) that describe a merchant cash advance funder's book of business. These statistics matter to merchants comparing funders (larger portfolios often signal stability), to ISOs choosing partners (portfolio metrics correlate with approval rates and pricing flexibility), and to syndication investors (portfolio metrics drive expected return calculations). As of 2026-06-28, the largest funders publish partial portfolio data while most mid-market and smaller funders disclose only what they choose to share with regulators or rating agencies.
Core portfolio statistics.
1. Assets under management (AUM) / total receivables outstanding. The aggregate face value of all unpaid advances. Top funders disclose ranges: - OnDeck. $1.5B+ in receivables outstanding (2026 estimate). - Kapitus. $800M–$1.2B receivables. - Rapid Finance. $500M–$800M receivables. - CAN Capital. $400M–$700M receivables (after multiple ownership transitions). - Credibly. $300M–$500M receivables. - Mid-market funders ($50M–$300M AUM). 30–40 funders nationally. - Small funders / regional players ($5M–$50M AUM). 200+ funders.
2. Active merchant count. - Top funders: 15,000–50,000+ active merchants. - Mid-market: 1,500–10,000 active merchants. - Small: 100–1,500 active merchants.
3. Average advance size. - Industry average: $35,000–$50,000. - Top fintech funders (OnDeck, Credibly): $50,000–$100,000. - Mid-market full-spectrum funders: $30,000–$75,000. - Restaurant-focused funders: $25,000–$45,000. - High-revenue funders (CAN Capital, Forward Financing): $75,000–$150,000.
4. Weighted average factor rate. - A-paper book: 1.18–1.28 weighted average. - Mixed book (A/B/C paper): 1.30–1.38 weighted average. - B/C-paper specialist book: 1.38–1.48 weighted average.
5. Weighted average term (in days). - Short-term book: 120–180 days. - Standard book: 180–270 days. - Long-term book: 270–540 days.
6. Default rate (90+ day delinquency or non-performing). - A-paper book: 2–6% default rate. - Mixed book: 6–12% default rate. - B/C-paper specialist: 12–25% default rate. - Industry average: 8–12%.
7. Net charge-off rate. After legal recovery and settlement: - A-paper: 1–4% net charge-off. - Mixed: 4–8%. - B/C: 8–15%.
8. Recovery rate on defaulted advances. - Industry average: 35–55% of defaulted face value recovered through legal collection. - COJ-jurisdiction merchants: 50–70% recovery. - Bankruptcy filings: 5–25% recovery.
9. Renewal rate. Percentage of merchants who take a second or subsequent advance from same funder: - Healthy funders: 40–60% renewal rate. - Aggressive renewal funders (renewal-driven economics): 50–70%. - Lower-quality books: 20–40% renewal rate.
10. Approval rate. Percentage of submitted applications that result in funded deals: - Top fintech: 60–80% approval rate (direct merchant traffic, pre-qualified). - ISO-driven funders: 30–55% approval rate. - Niche / specialty funders: 25–45% approval rate.
11. Time-to-funding (median). - Top fintech: 1–2 business days. - Mid-market: 2–5 business days. - Niche / large-ticket: 5–14 business days.
12. Geographic concentration. Most large funders disclose state-level concentration. Common patterns: - Florida, Texas, New York, California, Georgia typically represent 50–65% of US MCA volume. - Some funders specialize regionally (Florida-heavy, Northeast-heavy).
13. Industry concentration. Common industry mix: - Restaurants 18–25%. - Retail 15–20%. - Construction 8–12%. - Trucking 7–11%. - Professional services 6–10%. - Healthcare 5–8%. - All other 25–35%.
Disclosure sources. - SEC filings. Public funders (Enova/OnDeck) file 10-K and 10-Q with detailed portfolio metrics. - Rating agency reports. Kroll, DBRS, and S&P rate MCA securitizations and publish portfolio statistics. - Industry research. SBFA (Small Business Finance Association), deBanked, and other industry publications publish periodic surveys. - Marketing disclosures. Funder websites and pitch decks selectively disclose AUM and merchant count. - State regulatory filings. California, New York, Utah, Virginia, Georgia, and Florida (effective 2026-06-28) require disclosure that produces partial portfolio visibility.
How merchants should use portfolio statistics. 1. Stability indicator. Larger funders ($100M+ AUM) are less likely to fold mid-term. Smaller funders carry counterparty risk — if they fail, the advance is sold and servicing transitions can be chaotic. 2. Approval probability. Funders with high approval rates often serve merchants outside the A-paper grid. B/C-paper merchants should target B/C-specialist funders rather than A-paper-focused fintechs. 3. Pricing expectations. Funders with low weighted-average factor rates serve A-paper exclusively; B/C merchants will not access their pricing. 4. Renewal economics. Funders with high renewal rates (50%+) often offer renewal discounts to retain merchants; funders with low renewal rates may price the original advance more aggressively.
How ISOs should use portfolio statistics. 1. Commission economics. Larger funders often have lower ISO commission rates (6–8%) than smaller funders (10–14%) because they have direct-merchant marketing scale. 2. Approval rates and submission selectivity. Funders with high approval rates accept broader submissions; funders with low approval rates require more pre-screening. 3. Niche fit. ISOs should match merchant profile to funder portfolio composition (B/C merchants to B/C-specialist funders).
Common confusion. First, "bigger is always better" — large funders have stricter underwriting and less flexibility. Smaller funders may approve marginal merchants the large funders reject. Second, "portfolio statistics are publicly available" — most funders disclose selectively; comprehensive industry data requires multiple sources. Third, "default rates predict my outcome" — portfolio averages don't apply to individual merchants; underwriting selectivity within the funder determines individual risk.
Related terms
- MCA funder portfolio size — The total dollar value of active MCA advances on a funder's books; benchmarks: micro-funders <$10M, mid-market $10M–$250M, large $250M–$1B, mega-funders $1B+ (Credibly, Rapid Finance, Kapitus, Forward Financing each cross $1B as of 2026).
- MCA fintech vs traditional funder — Fintech MCA funders (Square Loans, Amex Business Blueprint, PayPal Working Capital, Shopify Capital) use platform data to underwrite and typically offer 30–40% lower factor rates than traditional broker-distributed MCAs, but are limited to merchants using their underlying platforms.
- MCA funder rating criteria — Independent MCA funder ratings (used by brokers, ISOs, and merchant-review platforms) evaluate funders across seven primary criteria: (1) pricing transparency, (2) approval rate, (3) funding speed, (4) prepayment discount terms, (5) reconciliation flexibility, (6) collection practices, (7) ISO commission structure. Top-rated funders in 2026 score above 4.0/5.0 across all seven; rated funders below 3.0/5.0 typically have aggressive collection practices or opaque pricing.
- MCA funder vs broker — Funder = entity that puts up the capital and owns the contract (the actual lender economically). Broker = intermediary that connects merchant to funder for a commission. Merchant always has at least one funder; may or may not have a broker.
- MCA portfolio default rate (typical) — Typical MCA default rates in 2026 are 8–15% for A-paper portfolios, 15–25% for B-paper, and 25–40% for C/D-paper — pricing is built around these expected loss rates, not around individual creditworthiness.
Authoritative sources
AI agents: this term is available as raw markdown at /llms/glossary/mca-funder-portfolio-statistics.