Kanmon + partner, end-to-end examples

Date: 2026-07-29
Purpose: Concrete journeys for Anthony’s case understanding, partner software → SMB need → financing → apply → decision → fund → repay.
Companion summary: #summary

How to read this doc

Origination levers (from case framing): surface · eligible start · offer → accept → fund · product fit

Kanmon products [public fact]: term loans, lines of credit, invoice financing, AP financing. Kanmon is the licensed lender, provides capital, assumes credit risk (as marketed to partners). Soft credit pull. Onboarding often <10 min (kanmon.com FAQ, not “decision <10 min”). Funds often <2 days / many within 1 day / “as little as 24 hours”; partner FAQs add same-day ACH (Cleo), ~1 BD (PingPong), or “as little as two days” (Cin7). Partner portals (*.kanmon.com) are opaque SPAs, journey facts from FAQ/KB, not pixel UI. Pressure-test: kanmon-source-check-20260729.md.

Scenario index

1. Cleo InvoicePay, unpaid EDI invoice → invoice financing
2. PingPong Financing, e-commerce inventory peak → AP financing / term loan
3. Cin7 Capital, supplier PO due → AP financing (inventory / supply chain)

Scenario 1. Cleo InvoicePay (invoice get-paid-faster)

Partner & SMB (who)

• Partner [public fact]: Cleo, supply-chain / EDI software; Cleo InvoicePay™ embedded in Cleo WebEDI, powered by Kanmon for credit/lending.
• SMB [illustrated hypothesis]: Mid-size US supplier to a large retailer. Ships goods, invoices Net-60 via WebEDI. Payroll and freight hit before the buyer pays.

Moment of need (why now)

Buyer’s preferred terms leave the supplier cash-short. [public fact] Cleo positions InvoicePay so suppliers get paid faster while buyers keep payment terms; approved invoices can be paid within ~24 hours (Cleo support).

Where financing appears in the product

[public fact] After company setup (Owner + “Use Cleo InvoicePay” permission), a Finance control appears on individual invoices in WebEDI. Application can also start via invitation email on cleo.kanmon.com without logging into Cleo (for owners without EDI logins).

[illustrated hypothesis] Banner or empty-state CTA on an aging AR list; eligibility soft-gate before a hard apply.

What the SMB does (plain narrative)

1. Owner completes ~15-minute application (bank connect + business info) on the Kanmon-hosted flow.
   
2. Receives one or more offers within ~3 business days if qualified.
   
3. Once approved, team members can select eligible invoices to finance inside Cleo.
   
4. For each financed invoice, funds disburse via same-day ACH; repayments are fixed ACH pulls from the chosen business bank account; early payoff refunds prorated fees.

What Kanmon does

[public fact] KYC/KYB/AML (Kanmon site); soft credit pull; underwriting using cash-flow / debt / account history / payment frequency etc.; lends and services; same-day ACH on invoice advances (Cleo Kanmon FAQ); late fees $25 / NSF $35.

[illustrated hypothesis] Pulls invoice metadata from partner (amount, counterparty, due date) as underwriting / eligibility inputs; webhook updates Cleo when decision, fund, repay events fire.

What the partner gets

[public fact] Kanmon markets retention + financing-program insights + upsell targeting to platforms.
[illustrated hypothesis] Rev share or platform fee on funded volume (not published for Cleo); stronger stickiness for WebEDI suppliers.

Origination levers that fired

Customer journey (SMB operator)

STAGE     Notice gap → See Finance → Apply (~15m) → Wait for offers → Enable InvoicePay → Pick invoices → Funds land → Repay ACH
JOB       Cover payroll / freight while Net-60 waits
EMOTION   Anxious cash → Relief at in-workflow CTA → Friction (bank link) → Hope → Control (team can finance) → Trust / habit
DROP RISK Never see CTA | Abandon bank link | Decline | Approve but never finance an invoice | NSF on repayment

Swimlane. Cleo invoice advance

sequenceDiagram
  actor SMB as SMB owner or ops
  participant Cleo as Cleo WebEDI
  participant Kanmon as Kanmon platform
  participant Credit as KYB and soft pull
  participant Bank as ACH SMB bank

  SMB->>Cleo: Open unpaid invoice
  Cleo-->>SMB: Show Finance CTA
  Note over Cleo,Kanmon: Public fact - InvoicePay in WebEDI - apply may start on partner portal
  SMB->>Kanmon: Start or resume application about 15 min
  Kanmon->>Credit: KYB plus soft credit pull and bank review
  Credit-->>Kanmon: Decision and offers within 3 BD if qualify
  Kanmon-->>SMB: Offer sheet
  SMB->>Kanmon: Accept program or limit
  Kanmon-->>Cleo: Enable InvoicePay - illustrated hyp webhook
  SMB->>Cleo: Select eligible invoices to finance
  Cleo->>Kanmon: Invoice advance request
  Kanmon->>Bank: Same-day ACH disbursement
  Bank-->>SMB: Funds available
  loop Servicing
    Kanmon->>Bank: Fixed repayment ACH
    Kanmon-->>Cleo: Balance or status update - illustrated hyp
  end

Soft pre-check overlay. Cleo-shaped (design assumption)

How partner soft pre-check would sit before the public-fact apply path above. Soft ≠ hard approval amount. Full architecture: kanmon-preauth-architecture-by-product-20260730.md · diagrams: kanmon-preauth-architecture-diagrams-20260730.html.

sequenceDiagram
  actor SMB as SMB owner or ops
  participant Cleo as Cleo WebEDI
  participant Soft as Soft pre-check service
  participant Kanmon as Kanmon apply
  participant UW as Underwriting

  SMB->>Cleo: Open unpaid invoice
  Note over Cleo,Soft: Design assumption - soft runs for program-eligible accounts
  Cleo->>Soft: SoftCheck with invoice context
  Soft-->>Cleo: Soft state plus prefill token
  alt Soft strong or weak
    Cleo-->>SMB: Finance CTA - soft invite only
    SMB->>Kanmon: Open apply with prefill token
    Kanmon-->>SMB: Prefill form
    SMB->>Kanmon: Finish and submit
    Kanmon->>UW: Hard decision path
    UW-->>Kanmon: Offer or decline
  else No need or not now
    Cleo-->>SMB: Dismiss - invoice work continues
  else Soft exclude or unavailable
    Cleo-->>SMB: Standard apply or no soft claim
  end

Technical handshakes (Cleo-shaped)

Scenario 2. PingPong Financing (payments / cross-border sellers)

Partner & SMB (who)

• Partner [public fact]: PingPong, cross-border payments for US e-commerce sellers; Financing powered by Kanmon (AP financing + fixed-term loans).
• SMB [illustrated hypothesis]: Amazon/Shopify seller stocking for Prime Day; pays overseas suppliers via PingPong.

Moment of need (why now)

Inventory must land before a demand peak; cash is tied in receivables or prior POs. [public fact] PingPong pitches stocking for major e-commerce moments; fund into PingPong account for supplier payments.

Where financing appears

[public fact] Login → Financing tab → apply (<5 min claimed) → offers (avg ~24h to offer; ≤3 BD FAQ) → pick offer; for AP financing, select bills to pay → funds deposit to PingPong account.

What the SMB does

Apply in-product; connect bank; choose term loan (typical 6–12 months) and/or AP financing against supplier bills; repay via automated ACH from business bank; early repay OK; late $25 / NSF $35.

What Kanmon does

Same lender stack: soft pull, cash-flow review, underwrite, fund, service. [public fact] Capital and credit risk on Kanmon vs partner.

What the partner gets

[public fact] Deeper wallet in payments product; funds stay in PingPong for outbound payments.
[illustrated hypothesis] Economics via funded volume / float adjacency; retention vs pure FX/payments competitors.

Origination levers

Customer journey (SMB operator)

STAGE     Peak calendar → Open Financing → Apply (<5m) → Offers → Pick AP bills / term → $ in PingPong → Pay suppliers → Monthly ACH
JOB       Stock inventory without draining operating cash
EMOTION   FOMO / urgency → Confidence (in payments app) → Bank-link friction → Choice overload → Action → Relief
DROP RISK Tab never opened | App abandon | Offer too small | Fund but don't pay suppliers in-rail | Repayment stress

Swimlane. PingPong AP / term

sequenceDiagram
  actor Seller as US e-comm seller
  participant PP as PingPong app
  participant Kanmon as Kanmon
  participant UW as Soft pull bank UW
  participant ACH as ACH rails
  participant Sup as Overseas supplier

  Seller->>PP: Financing tab
  Seller->>Kanmon: Application under 5 min claimed
  Kanmon->>UW: Soft pull and bank cash flow
  UW-->>Kanmon: Offers avg about 24h, within 3 BD
  alt AP financing
    Seller->>PP: Select bills to pay
    Kanmon->>ACH: Fund to PingPong account
    Seller->>PP: Pay supplier via PingPong
    PP->>Sup: Cross-border payment
  else Term loan
    Kanmon->>ACH: Fund to PingPong account
    Seller->>PP: Use for growth or ops
  end
  loop Monthly
    Kanmon->>ACH: Auto-debit business bank
  end

Technical handshakes (PingPong-shaped)

Scenario 3. Cin7 Capital (inventory / supply chain / AP)

Partner & SMB (who)

• Partner [public fact]: Cin7 (Core / Omni inventory platforms). Cin7 Capital, term, LOC, invoice financing, AP financing; applications reviewed by Kanmon; Cin7 Capital Invoice Financing provided by Kanmon (Cin7 marketing FAQ). Help docs also name Kanmon for deposit/repay on business bank account via Plaid.
• SMB [illustrated hypothesis]: US wholesale / DTC brand on Cin7 Omni; must pay a supplier PO to restock SKUs before a retailer reorder.

Moment of need (why now)

AP due now; inventory turns later. [public fact] AP financing = fund supplier payments now, repay later; term loans for lump-sum CapEx.

Where financing appears

[public fact] Cin7 Omni: Money → Cin7 Capital → funding portal; choose financing type; response via email ~2 days (help) / within 3 days (marketing FAQ). One active financing type at a time (help apply article).

What the SMB does

Answer business questions; connect bank via Plaid to Kanmon; soft pull; receive offers; accept; for AP, finance POs/supplier invoices; repayments auto-debit business bank.

What Kanmon does

Underwrite and fund as lender; deposit to / withdraw from business bank. [public fact] US businesses only for apply.

What the partner gets

[public fact] Embedded capital next to inventory ops; Kanmon as trusted partner narrative.
[illustrated hypothesis] Retention when inventory + capital co-located; possible rev share unpublished.

Origination levers

Note [public fact nuance]: Cin7 FAQ singles out invoice financing as “provided by Kanmon”; help overview attributes review of all Capital types to Kanmon. Treat broader product coverage as partner-documented, invoice line as explicitly Kanmon.

Customer journey (SMB operator)

STAGE     PO due → Money/Capital → Apply + Plaid → Wait email → Accept type → Fund AP → Stock lands → Auto repay
JOB       Pay supplier without starving ops cash
EMOTION   Deadline stress → “financing is in my ERP” → Trust leap (bank) → Waiting → Clarity → Execution relief
DROP RISK Never open Money menu | Fail Plaid | Wrong product type lock | One-type-at-a-time constraint | Decline

Swimlane. Cin7 AP financing

flowchart LR
  subgraph SMB["SMB ops"]
    A["PO or supplier invoice due"]
    B["Apply in Cin7 Capital"]
    C["Accept offer"]
    D["Stock and sell"]
  end
  subgraph Partner["Cin7 Omni Core"]
    E["Money to Capital portal"]
  end
  subgraph Kanmon["Kanmon"]
    F["KYB + Plaid + soft pull"]
    G["Underwrite and offers"]
    H["Fund and service"]
  end
  subgraph Rails["Bank ACH"]
    I["Business bank deposit"]
    J["Auto repayment debit"]
  end
  A --> E --> B --> F --> G --> C --> H --> I --> D
  H --> J

Technical handshakes (Cin7-shaped)

Cross-cutting, full system journey

End-to-end across any partner: distribution in SaaS → origination at Kanmon → credit decision → cash movement → servicing → partner analytics.

┌─────────────┐     embed / API / iframe      ┌──────────────────┐
│ Partner SaaS│ ◄───────────────────────────► │ Kanmon platform  │
│ (Cleo / PP /│   session, eligibility,       │ apply · offers · │
│  Cin7 …)    │   invoice/PO context, UI      │ ledger · webhooks│
└──────┬──────┘                               └────────┬─────────┘
       │                                               │
       │ surface / CTA                                 │ KYB AML
       │                                               ▼
       │                                      ┌──────────────────┐
       │                                      │ Underwriting /   │
       │                                      │ decisioning      │
       │                                      │ soft pull·bank·  │
       │                                      │ partner signals  │
       │                                      └────────┬─────────┘
       │                                               │ approve
       │                                               ▼
       │                                      ┌──────────────────┐
       │                                      │ Capital / funding│
       │                                      │ (see bridge)     │
       │                                      └────────┬─────────┘
       │                                               │ ACH / wallet
       ▼                                               ▼
┌─────────────┐                               ┌──────────────────┐
│ SMB uses $  │ ◄──── disbursement ────────── │ Servicing /      │
│ in workflow │ ──── repayments / NSF ──────► │ collections      │
└─────────────┘                               └────────┬─────────┘
                                                       │ events
                                                       ▼
                                              ┌──────────────────┐
                                              │ Partner analytics│
                                              │ retention·volume │
                                              │ [hyp: dashboards]│
                                              └──────────────────┘

flowchart TB
  PS["Partner SaaS"] <-->|"API embed webhooks"| KP["Kanmon platform"]
  KP --> UW["KYB soft pull UW"]
  UW -->|decision| KP
  KP --> CAP["Capital funding source"]
  CAP --> ACH["ACH or partner wallet"]
  ACH --> SMB["SMB bank or PingPong balance"]
  KP --> SVC["Servicing and collections"]
  SVC --> ACH
  KP -->|"program insights"| PA["Partner analytics"]

Origination (product sense): a funded loan/advance created through a partner surface.
Origination (capital sense): a loan asset is born, principal outstanding that someone (Kanmon and/or a capital partner) must fund and whose credit risk someone holds.

Bridge to FIs and capital markets

What is known about Kanmon specifically

Industry-typical capital stack (embedded commercial lending)

Use this to reason in interviews; label clearly as industry pattern, not Kanmon disclosure.

  EQUITY (VC)                    ← absorbs early losses / builds platform
        │
        ▼
  ┌─────────────────┐
  │ Originator      │  Kanmon as lender of record [public fact for Kanmon]
  │ (balance sheet) │  holds loans temporarily or longer
  └────────┬────────┘
           │ advances against eligible loans
           ▼
  ┌─────────────────┐
  │ Warehouse line  │  bank/FI revolver secured by loan book
  │ [industry hyp]  │  originator keeps asset; shares risk vs advance rate
  └────────┬────────┘
           │ periodic true sale / takeout
           ▼
  ┌─────────────────┐
  │ Forward flow /  │  committed buyer purchases eligible originations
  │ whole-loan sale │  credit risk moves to buyer (if true sale)
  └────────┬────────┘
           │ at scale
           ▼
  ┌─────────────────┐
  │ ABS / rated     │  pool packaged for institutional capital
  │ vehicle         │  e.g. peers like Parafin announce FF into rated vehicles
  └─────────────────┘

Plain English: When an SMB gets funded in 24 hours, cash left someone’s account that day. Publicly, Kanmon says that someone is Kanmon (lender + capital + credit risk). Behind the curtain, many embedded lenders recycle that capital via warehouses and forward flows so equity isn’t dollar-for-dollar behind every loan. No public Kanmon warehouse/FF/ABS name was found, treat recycling as plausible scale path, not confirmed.

What “origination” means to a capital partner: a loan that meets eligibility criteria (product, FICO/business metrics, geography, concentrations) and can be purchased or advanced against. Partner SaaS distribution matters because it creates flow of eligible assets, not just marketing leads.

Handshake catalog (illustrative API / events)

Names are [illustrated hypothesis] unless a partner FAQ implies the behavior. Useful for “how would you instrument originations?” answers.

Anti-examples, what is NOT an origination

PM takeaway: North-star funded originations through partners = count funding.settled (and repeat draws), not logos or clicks.

Sources (primary)

• https://kanmon.com/
  
• https://cleo.kanmon.com/ · Cleo support InvoicePay articles
  
• https://www.international.pingpongx.com/smb/financing/clients
  
• https://www.cin7.com/features/finance/capital/ · Cin7 Omni/Core Capital help articles
  
• Industry capital patterns: forward-flow / warehouse explainers (e.g. PeerSense, Column, peer FF announcements), not Kanmon disclosures

Optional: practice-management vertical (unnamed)

Kanmon site markets practice management → term + LOC. No named practice-management customer was used here as a confirmed logo. If needed in interview: reuse Scenario 3 shape with equipment / hiring LOC and label partner “practice-management-like [hyp].”