A thought: presumably the institutional investors are going to be both better equipped and more eager to extract money owed to them, whereas a SaaS business is more likely to cut losses, offer discounts, deferrals, free months to customers facing hardship.

Does Pipe control and allow for those sort of factors? Is the client business on the hook for the revenue every month? Or does a customer of a business that sells its receivables through Pipe suddenly find themselves counterparty to (w.l. o. g.) BlackRock?