Risk
Last updated: 4 November 2026
Depositing carries risk, and you can lose some or all of your capital. These are the risks we think matter, in rough order of how likely they are to affect you.
Payer default
The company owing an invoice doesn’t pay. Verification, underwriting, payer limits and the reserve reduce this risk; they don’t remove it. On a direct invoice the business owes us, not the payer, so the risk is that business, which may be small.
Concentration
Early on, a small number of payers make up most of the pool. A limit of 20% per payer applies from the first invoice, but the pool is only as diversified as the invoices in it.
Rate
The rates are targets, not promises. If the pool earns less, from slow deployment or losses beyond the reserve, a target can be cut. A cut applies only to future periods, with at least 7 days’ notice; interest already accrued or paid is never taken back.
Currency
Deposits are in USDC; invoices are paid in sterling. Eiva bears the movement between off-ramp and settlement; it isn’t passed to depositors.
Stablecoin
USDC is issued by Circle and can be frozen, lose its peg, or be unavailable on a network. The vaults hold USDC, not dollars.
Smart contract
Idle USDC is staked in Aave v4, which carries the risks of that protocol. The vaults themselves are Safe multisigs.
Issuer
The note is an obligation of Eiva Receivables 1 Ltd. If the company fails, repayment depends on what it holds, which is the vaults and the invoices. It’s unsecured. Notes rank equally with each other and with anything the company borrows from other investors, against the same invoices. Small intercompany loans from Orthyrus Ltd for its running costs, up to £10,000 in total, are repaid ahead of them.
Operational
Eiva’s team, processes and software have to work: verification, off-ramp, collection and the multisig.
Liquidity
You can withdraw from Flexible at any time, but a standard withdrawal is paid as invoices settle and can take longer if they’re late, and the instant sleeve is limited. The 6 and 12 month notes need 45 days’ notice to redeem. If invoices are late, payments can be deferred for up to 180 days. No note can be sold or transferred.
Regulatory
Deposits are not bank deposits and are not protected by the FSCS. Neither Orthyrus Ltd nor Eiva Receivables 1 Ltd is authorised or regulated by the Financial Conduct Authority. The rules that apply to products like this can change, and a change could affect how the vaults work or who can use them.
Tax
Interest is paid gross and nothing is withheld; your tax position where you live is your own responsibility.
Questions
Ask us at partnerships@eiva.co. If you’re unsure whether a vault is right for you, take independent advice.