What ETR DIGITAL LTD does

ETR Digital Ltd is a UK-incorporated private limited company headquartered at 167-169 Great Portland Street, London, that operates the Flownote platform for issuing, managing and distributing Working Capital Notes (WCNs). WCNs are digital negotiable instruments built as the modern equivalent of Bills of Exchange and Promissory Notes, governed under the UK's Electronic Trade Documents Act 2023 and the Bills of Exchange Act 1882. The platform supports Digital Promissory Notes (DPNs) and Digital Bills of Exchange (DBoEs), uses digital co-signing (notably DocuSign) for execution, and is deployable via API-first integration into existing enterprise treasury and ERP workflows.

The company serves three primary customer groups: banks and non-bank financial institutions (which deploy capital against self-liquidating WCNs), SME and corporate suppliers (which unlock up to 100% of invoice value), and SME and corporate buyers (which extend payment terms without damaging supplier relationships). Distribution combines direct enterprise sales with channel partnerships through TETA's Signal platform (trade documentation), Faturalab's embedded platform (over 10,000 corporate members, 30+ financial institution partners, and over 5 million transactions) and financing partnerships with banks including İşbank UK and Investec Capital Solutions. Its first live WCN transaction was completed in late 2025 with Şişecam as part of a $250m working capital finance programme.

Commercially, ETR Digital generates revenue through transaction-based fees tied to WCN issuance and distribution, supplemented by platform access and licensing arrangements via API deployment. Pricing is quote-based, transaction/usage-driven, with no minimum volume requirement for buyers and up to 100% advance rates against invoice value for suppliers — positioning the firm as a cost-displacing alternative to traditional invoice discounting and supply chain finance. The company has no disclosed funding rounds, no disclosed revenue, no disclosed headcount and is founder-backed, with leadership drawn from BNY Mellon, Lloyds, CMC Markets and SymmetriQ.

Name

ETR DIGITAL LTD

Legal name

ETR Digital Ltd

Website

https://etr.digital

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

ETR Digital Ltd is a UK-based fintech operating the Flownote platform to issue, manage, and distribute Working Capital Notes (WCNs) — digital negotiable instruments serving banks, corporate buyers, and SME and multinational suppliers globally.

Ownership category

akta.pro rank

Product category

Trade Finance Software

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

akta.pro primary industry

Digital Account Opening & Onboarding (eKYC, eSignature, Origination) (FSAGAAAB)

akta.pro secondary industry

E-Signature & Digital Transaction Management (DTM) (HDAEAGAF)

Keywords

• Working capital finance
• Trade finance platform
• Digital negotiable instruments
• Bills of exchange
• Promissory notes

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Working Capital Notes Issuance and Transaction Fees: ETR Digital generates revenue through transaction-based fees associated with issuing, managing, and distributing Working Capital Notes. The platform facilitates the conversion of trade invoices into digital instruments, with fees tied to transaction volume and value. No minimum volume requirements exist for buyers, while suppliers can access up to 100% of invoice value through bank-funded notes.
2. Platform Licensing and API Access: Revenue is generated through platform access fees for using Flownote for issuance and management of Working Capital Notes. API-first deployment allows enterprise clients to integrate the platform into their existing systems, likely through licensing or usage-based arrangements.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

ETR Digital operates the Flownote™ platform, a single system to issue, manage, and distribute Working Capital Notes™ (WCNs) — digital negotiable instruments that are modern digital equivalents of Bills of Exchange and Promissory Notes, legally grounded in the UK's Electronic Trade Documents Act 2023. The platform enables corporates, suppliers, banks, and non-bank lenders to unlock cash trapped in working capital cycles, supports API-first integration with existing treasury and ERP systems, and facilitates transfer of digital instruments between stakeholders to access capital.

Product overview

ETR Digital offers a unified platform centered on Working Capital Notes (WCNs) — digital negotiable instruments that are modern equivalents of Bills of Exchange and Promissory Notes. The core product, Flownote, serves as the platform for issuing, managing, and distributing WCNs. The portfolio includes two product variants: Digital Promissory Notes (DPNs) for buyer-aligned payment schedules and Digital Bills of Exchange (DBoEs) for supplier-extended terms. An API-first deployment model enables integration with existing treasury and ERP systems. The offering is complemented by a Cash Conversion Cycle Calculator for assessing potential benefits.

Differentiator

Problem solved

Functional benefit

Brands

• Flownote™: One platform to issue, manage, and distribute Working Capital Notes™
• Working Capital Notes™

Products and services

• Working Capital Notes (WCNs) Globally recognized digital negotiable instruments — modern digital equivalents of Bills of Exchange and Promissory Notes — that enable businesses to manage payables and receivables more efficiently, free up cash trapped in working capital cycles, and access 90-100% advance rates against invoice value under the UK's Electronic Trade Documents Act 2023. Built for banks, non-bank financial institutions, corporate buyers, and suppliers.
• Flownote Platform One platform to issue, manage, and distribute Working Capital Notes. Enables instant creation of digital negotiable instruments with full legal enforceability, tracking and auditing through a single streamlined interface, and transfer between stakeholders to facilitate access to capital. API-first and platform-agnostic for integration into existing treasury and ERP workflows.
• Digital Promissory Notes (DPNs) Variant of Working Capital Notes enabling buyers to ensure suppliers are paid within mandated timeframes while benefiting from payment terms that meet their own business cycle.
• Digital Bills of Exchange (DBoEs) Variant of Working Capital Notes allowing suppliers to offer extended payment terms to buyers with no negative impact on their own net working capital.
• Cash Conversion Cycle Calculator Interactive online calculator that helps businesses discover potential cash flow improvements and quantify cash conversion cycle benefits, with no user data stored, aimed at educating and qualifying prospective buyers, suppliers, and treasurers.

Quantifiable outcome

• Transaction costs reduced by up to 80%
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• FaturalabcoreTechnology or Integration · 1 January 2025Faturalab is a working capital and supply chain finance platform that embeds digital financing tools into operational workflows, connecting corporates, suppliers and financial institutions. ETR Digital's Flownote technology integrates with Faturalab's embedded platform to create Working Capital Notes from approved invoices. Faturalab has executed over 5 million transactions with over 10,000 corporate members and 30+ Financial Institution partners.
• TETAcoreTechnology or IntegrationTETA's Signal platform manages trade documentation, shipment visibility, and financing workflows, helping suppliers, buyers, and financial institutions collaborate more effectively across international supply chains. ETR Digital's Flownote platform integrates with TETA Signal to enable Working Capital Note issuance from verified trade documents.
• CalculumminorOthersAppears as a partner/trusted institution in the ETR Digital network ecosystem, listed among trusted partners in trade finance and treasury.
• ICC (International Chamber of Commerce)minorOthersAppears as a trusted institution partner in the ETR Digital ecosystem, representing international trade standards body.
• ITFA (International Trade and Forfaiting Association)minorOthersAppears as a partner/trusted institution in the ETR Digital network, representing the trade finance and forfaiting industry.
• Treasury MastermindsminorOthersAppears as a partner/trusted institution in the ETR Digital ecosystem, representing treasury professional community.
• WCF (Working Capital Finance)minorOthersAppears as a partner/trusted institution in the ETR Digital ecosystem focused on working capital finance.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Demica: Supply chain finance platform offering receivables and payables finance programmes for corporates, banks, and investors. Comparable in providing digital infrastructure for working capital instruments and trade finance transactions.
• PrimeRevenue: One of the largest global supply chain finance platforms, connecting corporates and their suppliers to early payment programmes via bank and investor capital. Directly comparable to ETR Digital's mission of digitizing working capital instruments for corporate supply chains.
• Tradeteq: Trade finance distribution and analytics platform connecting originators, investors, and arrangers of trade finance assets. Operates in adjacent trade finance digitization space with similar institutional client base of banks and investors.
• Billie: B2B Buy Now Pay Later provider offering invoice financing for SMEs via API-based platform. Comparable in providing fast, digital working capital solutions to suppliers and buyers with similar API-first integration approach.
• Stenn: Digital trade finance platform providing invoice financing and factoring solutions to cross-border businesses. Directly comparable to ETR Digital's focus on digitizing trade-based financing instruments for international commerce.
• C2FO: Global working capital marketplace allowing suppliers to get early payment on approved invoices from corporate buyers. Competes in the same trade finance digitization space with a focus on dynamic discounting and early payment solutions.
• Marco Financial: Digital trade finance platform providing factoring and supply chain financing to SMEs in Latin America. Comparable business model of digitizing traditional trade finance instruments with bank capital backing.

Broad incumbents

• Taulia: Supply chain finance platform owned by SAP, offering early payment, dynamic discounting, and SCF programmes to large enterprise buyers and their suppliers. A more established incumbent with broader enterprise ERP integration reach.

Emerging players

• Trovata: Open banking-powered treasury and cash management platform for enterprise finance teams. Adjacent in serving corporate treasurers with digital cash flow and working capital visibility tools, complementing ETR Digital's instrument issuance focus.
• Resolve: B2B payments and net terms platform enabling buyers to extend payment terms and suppliers to get paid early. Adjacent competitor in digitalizing receivables/payables financing with similar mid-market focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@etr.digital
• LinkedInlinkedin.com/company/etr-digital

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about ETR DIGITAL LTD