What Recurring Capital Partners does

Recurring Capital Partners (RCP) is a privately held, Austin, Texas-based growth debt financing firm founded in 2015 by Brian Henley. It provides non-dilutive term loans of $1–20 million to B2B SaaS companies that typically have $4–30 million in annual recurring revenue, strong net-revenue retention, high gross margins, material management ownership, and no significant customer concentration, with a geographic focus on the United States, Canada, and the United Kingdom. RCP's economic proposition to founders centers on avoiding equity dilution, bypassing board seats and burdensome governance, and preserving optionality to raise equity, recapitalize, or sell on the founder's timeline; the firm advertises no personal guarantees and underwriting based on the business rather than the cap table.

RCP earns revenue primarily through interest payments on the debt instruments it provides to portfolio companies, supplemented by origination and structuring fees typical of direct-lending funds; the firm manages private funds offered to accredited investors under SEC exemptions. Customer acquisition is relationship-driven — direct outreach to SaaS founders, referrals from the portfolio and from advisors, with the website (recurring.capital) functioning as a top-of-funnel contact channel rather than a broad-marketing engine.

As of the most recent public disclosures, RCP reports cumulative capital deployed of more than $325 million across more than 70 B2B SaaS portfolio companies. The firm emphasizes more-than-capital services including customer introductions, operational and financial infrastructure support, the ability to provide subordinate debt alongside bank lines, and a consistent track record of follow-on investments. The management team of approximately nine professionals is dominated by senior operators and investment specialists — including founder Brian Henley (former EVP Corporate Development & M&A at Upland Software, NASDAQ: UPLD), Matt Stewart (COO/CFO background at WM Capital Partners), Bradley McBride (CFA, formerly Dozier Capital Partners), Chico Korth (Deutsche Bank/JPMorgan), and Matt Smith (former CFO of GoodUnited and AssureSign) — which underpins the firm's positioning as a SaaS-specialist direct lender rather than a generalist debt shop.

Name

Recurring Capital Partners

Legal name

Recurring Capital Partners

Website

https://recurring.capital

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Recurring Capital Partners is an Austin-based direct-lending firm that provides $1–20 million in growth debt to bootstrapped and venture-backed B2B SaaS companies with $4–30 million ARR across the US, Canada, and UK.

Ownership category

akta.pro rank

Product category

Venture Debt Financing for SaaS

NAICS

Other Investment Pools and Funds (5259)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Venture Growth / Recurring Revenue Credit Funds (FSANAIAG)

Keywords

• SaaS growth debt
• Venture debt financing
• Recurring revenue lending
• Growth capital term loans
• Non-dilutive SaaS financing

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Debt Financing Interest: RCP provides straight-forward growth debt financing solutions to software founders. Revenue is generated through interest payments on debt instruments provided to portfolio companies. The cost of debt is lower than equity financing while enabling enterprise value growth to accrue to current owners.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Recurring Capital Partners provides growth debt financing — typically $1-20 million in flexible term loans — to B2B SaaS companies with $4-30 million in annual recurring revenue, strong retention rates, high gross margins, and no significant customer concentration. The financing is structured without personal guarantees, board seats, or burdensome governance, allowing founders to fund growth while preserving equity and maintaining the ability to raise equity, recapitalize, or sell on their own timeline.

Product overview

Recurring Capital Partners is a growth debt financing firm, not a traditional software product company. Their core offering is growth debt financing solutions for B2B SaaS founders that provide capital without equity dilution or board seats. The company has deployed $325+ million across 70+ B2B SaaS companies in the U.S., Canada, and UK. The single product offering is their growth debt financing service, which includes flexible term loans tailored to businesses, no personal guarantees, and collaborative partnership approaches with portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Growth Debt Financing for B2B SaaS Flexible, non-dilutive growth debt financing of $1-20 million per company for B2B SaaS founders seeking to fund hiring, product development, or M&A without giving up equity or governance rights. Deals are quote-based and tailored to each company, with no personal guarantees, no board seats, and the option to provide subordinate debt that complements existing bank credit lines.

Named customers12 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Hercules Capital: Hercules Capital is the largest publicly-traded venture debt provider, serving technology, life sciences, and SaaS companies. While broader in mandate and typically competing on larger tickets, it overlaps with RCP in growth-stage SaaS debt and serves as a key benchmark for venture debt competition.
• Trinity Capital: Trinity Capital is a venture debt provider offering growth capital to technology and growth-stage companies, including SaaS. It is a broader incumbent that competes with RCP in the venture debt / growth capital category, especially for larger or more mature SaaS borrowers.
• Horizon Technology Finance: Horizon Technology Finance provides venture debt to development-stage and growth-stage technology, life science, and SaaS companies. It overlaps with RCP as a venture debt incumbent with a similar growth-stage SaaS lending focus, though typically at the upper end of RCP's deal range.
• Bridge Bank (Western Alliance Bank): Bridge Bank, a division of Western Alliance Bank, is a tech-banking incumbent providing venture debt, growth capital, and lines of credit to SaaS and tech companies. It competes with RCP for senior debt and growth capital within the B2B SaaS vertical, particularly for companies needing bank-line complements.
• Kapitus: Kapitus provides growth capital, term loans, and working capital solutions to small and mid-market businesses including SaaS and recurring revenue companies. It is a broader incumbent offering similar non-equity financing products to RCP's target customers.

Direct peers

• Lighter Capital: Lighter Capital provides revenue-based financing and venture debt to SaaS and tech-enabled companies, often at earlier stages than RCP. It is a direct competitor for recurring-revenue growth capital with similar founder-friendly, non-dilutive structures.
• Clearco: Clearco (formerly Clearbanc) provides revenue-based financing to SaaS and e-commerce companies based on recurring revenue, competing directly with RCP for non-dilutive growth capital at similar ARR thresholds. Its data-driven, founder-friendly positioning mirrors RCP's go-to-market.
• Runway Growth Capital: Runway Growth Capital is a publicly-traded venture debt firm providing growth loans to venture-backed and tech companies, frequently in similar deal-size ranges. It competes with RCP for higher-growth SaaS and tech borrowers seeking senior stretch or venture debt.
• SaaS Capital: SaaS Capital is the original specialist SaaS revenue lender, providing growth debt to B2B SaaS companies typically in similar ARR ranges. It is the closest direct competitor to RCP, targeting founder-friendly terms with no equity, no board seats, and underwriting focused on recurring revenue quality.

Emerging players

• Stripe Capital: Stripe Capital offers revenue-based financing to SaaS and platform businesses using Stripe payment data as underwriting. While integrated with Stripe's payments rails, it overlaps with RCP for SaaS ARR-backed funding and represents an emerging alternative lender in the same niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments31 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Recurring Capital Partners