A credit marketplace only works if the risk can be seen by more than one funder without handing each of them the company’s entire life. The shape is familiar. Bank, accounting, tax and invoice data connect once. A verification layer checks the company, the directors and the owners. What the lenders see is a profile, not the raw room. Curators, funds and insurers compete inside mandates they actually signed.
Collateral, covenants, drawdowns and defaults still have to be administered. Open does not mean unattended. It means the administration is not a reason for one institution to own every margin.