Tenor AI, Inc.
Credit harness for the agentic economy.
Agents already move money. Next, they'll run credit end to end, on both sides of the loan.
TENOR Credit Harness makes that possible. Borrower Agents get working capital. Capital Agents get credit to fund. The harness orchestrates everything in between.
Borrower Agents
Businesses · Platforms
TENOR Credit Harness
Facts · Risk · Facilities · Waterfall
Capital Agents
Funds · Institutions · DeFi · TradFi
What is the Credit Harness
Credit as a programmable, machine-readable primitive
TENOR is infrastructure for both sides of the credit system. It is not a marketplace between them.
Three layers
Capital architecture
Flexible risk/reward-based routing for diverse capital allocators.
Senior tranches · low risk, institutional yield Junior / first-loss · higher yield, risk buffer External lending vaults · Morpho / on-chain liquidity
Legal isolation
Protects platform equity while isolating credit and balance-sheet risk.
OpCo (TENOR) · software development, harness operator SPV · bankruptcy-remote, holds credit assets & legal claims
Software infrastructure
Automates the complete credit lifecycle into a machine-readable protocol for agents.
Financial facts Risk & underwriting Credit facilities & liquidity Lifecycle & waterfall
System architecture
Borrower Agents
Businesses · Platforms
- Accounting agents
- Treasury agents
- Autonomous business agents
Capital Agents
Funds · Institutions
- DeFi
- Private credit
- TradFi
Programmable credit facility & liquidity management
Risk/reward-based advances · Liquidity pools
Financial facts
ERP · Bank · Telemetry
Risk & underwriting
Continuous monitoring & scoring
Lifecycle & waterfall
Automated repayment · NAV
TENOR Credit Harness
For Borrower Agents
Programmable access to credit facilities
Facilities incorporate verified financial data, underwriting decisions, advance rates, covenants, draw limits and automated repayment rules. A Borrower Agent works with the harness's borrowing assistant through machine-readable messages. No forms, no application queue.
{ "need": "working_capital", "amount": 250000, "tenor_days": 45 }{ "sources": ["erp", "bank"], "access": "read_only", "approval": "principal" }{ "erp": "connected", "bank": "connected" }{ "limit": 500000, "borrowing_base": 412000, "tenor_days_max": 120 }Facility state
IndicativeBorrowing base
$412K
from ERP and bank
Facility limit
$500K
Drawn
$0
Available
$412K
In plain English: the agent says what it needs, links its accounting and bank data once, and gets an indicative facility back.
{ "amount": 250000, "tenor_days": 45, "advance_rate": 0.9 }{ "advance_rate": 0.85, "apr": 0.118, "covenant": "weekly_borrowing_base_refresh" }{ "terms_id": "t_7f3a" }{ "facility_id": "f_21c8", "status": "active", "rules": "enforced" }Facility state
Active, 85% advance, 11.8% APRBorrowing base
$412K
Facility limit
$500K
Drawn
$0
Available
$412K
In plain English: the agents settle price and covenants within policy. From then on the facility enforces them automatically.
{ "facility_id": "f_21c8", "amount": 250000 }{
"checks": ["eligibility", "borrowing_base", "limit", "covenants"],
"result": "pass",
"funded": 250000,
"due_in_days": 45
}Facility state
ActiveBorrowing base
$412K
Facility limit
$500K
Drawn
$250K
+$250K
Available
$162K
-$250K
In plain English: one request. The harness checks every rule and funds the draw in a single round trip.
{ "source": "erp", "borrowing_base": 389000, "available": 139000 }{ "facility_id": "f_21c8" }{ "drawn": 250000, "covenants": "ok", "triggers": [] }Facility state
Active, covenants okBorrowing base
$389K
-$23K
Facility limit
$500K
Drawn
$250K
Available
$139K
-$23K
In plain English: the harness watches the borrower's ERP and bank continuously and pushes changes to the agent as they happen.
{ "facility_id": "f_21c8", "amount": 100000 }{ "outstanding": 150000, "available": 239000, "redraw": true }Facility state
ActiveBorrowing base
$389K
Facility limit
$500K
Drawn
$150K
-$100K
Available
$239K
+$100K
In plain English: repayment applies immediately and the freed credit can be redrawn. Auto-repay from collections can do this without any request.
For Capital Agents
Lending pools with defined risk and reward
The harness manages pool composition, credit exposure, risk parameters, facility performance and the resulting yield. A Capital Agent allocates and monitors through the same kind of machine-readable messages with the harness's LP assistant, instead of negotiating with every borrower.
{ "max_tenor_days": 120, "first_loss": true, "budget": 5000000 }{
"pools": [
{ "id": "senior", "target_yield": 0.06, "first_loss": 0.15, "tenor_days": 120 },
{ "id": "morpho_vault", "use": "idle_balance", "liquidity": "on_chain" }
]
}Pool state
Senior tranche openYour position
$0
Coverage
118%
NAV / token
1.0031
Earned
$0
In plain English: the agent states its constraints, and the harness returns pools that fit, with the risk terms attached.
{ "pool": "senior", "amount": 2000000 }{ "tranche": "senior", "position": 2000000, "tx": "0x9c4e...e41a" }Pool state
Senior position openYour position
$2.0M
+$2.0M
Coverage
118%
NAV / token
1.0031
Earned
$0
In plain English: the agent commits capital to a tranche with defined risk. The position is recorded on-chain.
{ "pool": "senior" }{ "facilities": 14, "avg_tenor_days": 62, "coverage": 1.18,
"delinquent": 0, "triggers": [] }Pool state
0 triggersYour position
$2.0M
Coverage
118%
live
NAV / token
1.0031
Earned
$0
In plain English: exposure and credit quality come straight from continuous ERP and bank monitoring, not from a quarterly report.
{ "period": "2026-10", "amount": 11400, "tranche": "senior" }{ "pool": "senior" }{ "nav_per_token": 1.0031 }Pool state
Distribution paidYour position
$2.0M
Coverage
118%
NAV / token
1.0031
Earned
$11.4K
+$11.4K
In plain English: the waterfall pays interest to the tranche automatically, and the agent reads its NAV whenever it needs to.
{ "pool": "senior", "amount": 500000 }{ "window": "next_repayment_cycle", "interim": "morpho_vault" }Pool state
Redemption scheduledYour position
$1.5M
-$500K
Coverage
118%
NAV / token
1.0031
Earned
$11.4K
In plain English: short loan tenors recycle capital quickly, so redemptions settle at the next repayment cycle and idle balances can sit in an on-chain vault meanwhile.
Material performance gains
Agentic credit improves how credit works
Agent-to-agent
Lower CAC
Agent-to-agent discovery and programmatic onboarding reduce friction and customer acquisition costs.
Just-in-time
Capital efficiency
Capital is drawn when needed and returned when not, improving utilization for borrowers and capital providers alike.
Days to seconds
Cycle time & risk
Programmatic underwriting, draws and settlement, plus continuous financial and risk data, replace point-in-time underwriting with continuously managed credit decisions.
Faster, more responsive credit for borrowers. More efficient deployment of capital for capital providers.
First credit asset
One blended tokenized loan for U.S. mid-market businesses
Mid-enterprise is a huge and underserved opportunity. Banks are too slow and too small-ticket averse; private credit is too expensive; factoring and fintechs cost 20–38%. TENOR blends bank-grade ABL with mezzanine into one programmable facility.
10–12%
Bank-grade ABL
Over-collateralized with eligible, quality invoices.
15–18%
Mezzanine
Materially cheaper than the private credit market.
Low risk by design
- 120 days or less
- Overcollateralized
- Monitored via real-time ERP & bank
- Fully programmable
Where TENOR sits
Cost of credit by provider (APR, 8% to 50%)
TENOR holds 100% of the junior layer.
Why capital providers show up
On-chain capital from accredited investors, targeting ~6% cost of capital, about half the cost of traditional warehouse lines.
Uncorrelated asset
Short-duration (<120 day) secured receivables, uncorrelated to crypto markets.
Aligned credit protection
Senior priority repayment with TENOR in the first-loss seat.
Legal protection
Assets sit in a bankruptcy-remote Delaware SPV, ring-fenced from the operating company.
Transparency & liquidity
Auditable on-chain portfolio; near-instant liquidity from short loan tenor.
Scaling roadmap
The long-term product is infrastructure
TENOR starts by supplying capital to establish liquidity and prove the system. As it proves out, external credit capital scales the pool through TENOR's SPV structure and TENOR's role shifts from capital provider to infrastructure operator.
Phase 1
TENOR-backed harness
- TENOR role
- Capital provider + harness
- Capital / credit risk
- TENOR founders; TENOR SPV
- Objective
- Prove the harness flywheel with a balance-sheet warehouse.
Phase 2
Capital scale
- TENOR role
- Harness operator
- Capital / credit risk
- 3P DeFi + 3P TradFi
- Objective
- Scale liquidity via external institutional pools.
Phase 3
Modular protocol
- TENOR role
- Network orchestrator
- Capital / credit risk
- Global institutional + DeFi
- Objective
- Open protocol with 3P software modules.
Visa followed a very similar path, from BofA-backed BankAmericard to the Visa network.
FAQ
Questions we hear most
Is TENOR a marketplace? +
No. TENOR is infrastructure for both sides of the credit system. Many-to-many agent marketplaces don't produce optimal outcomes; the harness sits between borrowers and capital with shared facts, risk and waterfall logic.
Who bears the first loss? +
In Phase 1, TENOR holds 100% of the junior (15%) first-loss layer beneath an 85% senior tranche, keeping interests aligned with capital providers.
How is credit risk managed? +
Short maturities (120 days or less), overcollateralization, and continuous AI-driven monitoring of ERP and bank data replace point-in-time underwriting. Assets are held in a bankruptcy-remote Delaware SPV.
What kind of borrowers is this for today? +
Our first credit asset targets U.S. mid-market businesses with eligible receivables, financed through one blended ABL and mezzanine facility. The agent interface is the same regardless of who sits behind the agent.
How do I get started? +
Fill out the intake form or write to team@gotenor.ai.
Build on the credit harness
Whether you run a Borrower Agent, deploy capital, build platforms and agents, or invest in infrastructure for the agentic economy, we'd like to hear from you.
Borrowers & Borrower Agents
Get programmable access to working capital.
Talk to us about credit
Capital providers & Capital Agents
Access lending pools with defined risk and reward.
Talk to us about capital
Platforms & Agent Builders
Integrate ERP, accounting, banking or payments data, or connect your agents to credit.
Talk to us about integrations
Investors
Get the investor memo and pitch deck.
Request the memo