Advance your receivables with a tokenized issuance.
Invoices, contracts or loans that generate future receivables. The company that holds those rights issues debt and the registry entity (ERIR) records it in a digital register. Your law firm confirms the structure in its offer.
How this is financed.
Usually the receivables are held by a dedicated company, which is the one that issues. With what that company receives, it pays its investors. The subscriber is a creditor of that company. They are entitled to collect the agreed interest and to recover what they invested at maturity.
- For receivables due in a few months, promissory notes are a good fit.
- For a portfolio that generates receivables over years, bonds and debentures.
Each case is different. Your law firm analyzes what the rights are, against whom they are collected and how they transfer to the issuing company, and confirms the structure in its offer before you sign.
If the invoices are assigned to that company, the assignment is notified to your client so that they pay the new holder. Transferring the security token does not make that notification.
When it fits and when it doesn't.
It fits if
- You have identified future receivables, with their debtor and date.
- They may be in a company that issues, or they already are.
- You have your own investors to invite.
It does not fit if
- You want to split the portfolio risk into tranches with a different order of payment. That is a securitization, with its own regime and an authorized management company.
- You want to pool money from many investors so that a third party manages it in a portfolio. That is collective investment and has its own regime.
- You need the money in days. Preparing an issuance takes weeks.
- You expect someone to find investors for you. HokenFi does not find them.
Which instrument to choose
| If your receivables… | What suits you | Why |
|---|---|---|
| They come in under a year | Promissory notes | They mature when you collect. Under 365 days, there is generally no prospectus regardless of the amount. |
| They come in over several years | Bonds and debentures | You set the interest schedule and maturity based on what you expect to collect |
| They belong to your own company and your investors already know you | Participating loan | Without issuing securities, with part of the interest linked to how your company performs |
How it's done with HokenFi.
You tell us what you want to issue and the platform prepares the milestones for you.
- 01
Your company
A corporate law firm creates the issuing company or transforms yours into a public limited company, if needed. You choose it from offers without leaving the account.
- 02
Your issuance document
A law firm specialized in securities or an investment services firm (ESI) drafts the issuance document. You also choose it from offers.
- 03
Your issuance
You activate your plan and create the tokens for your issuance.
- 04
Go to market
The ESI validates the offer when required by law and the ERIR registers the securities. You open the collection account for the issuance, with its own IBAN. That account is the automated IBAN plugin, at 150 € per month, or it is included in the Scale and Institutional plans.
- 05
You open to your investors
Your investors are verified, subscribe and pay by transfer to that account. The ERIR records them as holders and you see the list on your dashboard.
The milestones for each step are in promissory notes and in bonds and debentures.
What beginners usually ask.
Are my invoices tokenized?
Not directly. What the ERIR registers is the security issued by the company, such as a promissory note or a bond. The invoice remains a receivable against your client.
Do my clients need to know about it?
It is advisable that they know. If the invoices are assigned to another company, they are notified of the assignment, because if a client pays the party that invoiced them before learning about it, that payment is valid.
What happens if a debtor does not pay?
The investor is a creditor of the issuing company. If the receivables do not come in, that company may not have the means to pay. The guarantees, if any, and the order of payment are set in the issuance document.
Do I need a prospectus?
In general, not with promissory notes maturing in less than 365 days, whatever the amount. For other securities the general rule applies, and below 8 million over twelve months, generally not either. Since June 2026 the European regulation sets that figure at 12, unless a country opts for 5, but Spanish law still says 8, so your law firm confirms the one in force. Yes, you need the issuance document.
How much does it cost?
You pay a one-time access fee of 249 € when creating the account. The plan, from 249 € per month, you do not pay until you launch the issuance. The fees for the law firm, the ERIR and the ESI are separate and you see them in each offer before signing. Add the notary and the Commercial Registry. Prices exclude VAT.
Do you have receivables to advance? Tell us about your case.
Create your account, activate access and you will receive offers from law firms.
