Liquidity Group, which now trades as Liquidity, is an AI-driven private credit firm that lends growth-stage and mid-market companies $10 million to $200 million of debt, much of it through Mars Growth Capital, its joint venture with Japan’s MUFG Bank. Ron Daniel and Oron Maymon founded it in Tel Aviv in 2018, and its old domain, liquiditygroup.com, now redirects to liquidity.com.
Its loan sizes start where most bootstrapped SaaS companies’ needs end. This review covers what Liquidity publishes about its terms, where its money comes from, what its credit record claims mean and what to ask before you sign.
Key Takeaways
- Liquidity states on its website, as of October 2026, that its private credit division deploys $10 million to $200 million per company.
- MUFG Bank and Liquidity Capital raised their commitment to the Mars Growth Capital debt funds from $750 million to $1 billion in September 2023, according to MUFG.
- Apollo funds committed $425 million to a Liquidity credit facility in April 2022, and in March 2025 KeyBank anchored a facility of up to $450 million with an initial $75 million.
- Liquidity reports a 0.00% credit loss rate since 2019, a self-reported figure, while Proskauer’s index put the default rate on US senior secured and unitranche private credit loans at 2.51% in Q2 2026.
- Liquidity publishes no rate card; in Q4 2025 SEC filings, the three venture-focused BDCs reported a median 10.25% interest rate on 123 software loan positions, per Founderpath’s tracker.
What Liquidity Group does
Liquidity describes itself as two things: AI software that runs private credit, and a lender that uses it. The lending sits in a division called Liquidity Capital. Its private credit page says that division “invests in visionary growth and mid-market companies around the world, deploying from $10 million to $200 million in flexible capital” (read October 2026).
The same page lists four structures:
- Term loan: flexible drawdown with structured repayments.
- Revolving credit facility: draw and repay to fund working capital.
- Acquisition financing: custom structures for buying one or more companies.
- MRR line: a facility linked to MRR growth, for recurring revenue businesses.
Much of the lending runs through funds rather than one balance sheet. The largest is Mars Growth Capital, a joint venture between Liquidity and MUFG Bank. MUFG’s September 2023 release says the funds target startups and pre-unicorns mainly in Asia, plus startups in Europe, and that Mars had signed loan agreements with 40 companies by August 31, 2023. Liquidity’s July 2026 case study puts Mars facilities “typically in the $20-100 million range across APAC and EMEA”.
Underwriting is where Liquidity claims its edge. It says it issues term sheets “in days not weeks”, 5x faster than the market on average (liquidity.com, October 2026). In 2023, Daniel told Calcalist that its technology “allows us to give an answer within 24 hours”. Both are the company’s own claims.
Liquidity Group, Liquidity Capital and Liquidity: one company
The firm has used three names. It traded as Liquidity Capital in 2020, as CTech’s 2020 coverage shows, and as Liquidity Group by April 2022. In December 2024 it bought the liquidity.com domain, and it now calls itself Liquidity. Liquidity Capital survives as the name of its lending division and of the legal entity on the 2023 MUFG release. So a search for “Liquidity Capital Group” means this firm.
Liquidity Capital Partners is a different business. One company with that name, Liquidity Capital Partners LLC, says it lends to real estate investors nationwide (fix-and-flip, bridge and hard money loans). A UK company of the same name was dissolved in April 2025. We found no connection between either company and Liquidity.
Liquidity Group terms: what it publishes
Liquidity publishes structures and deal sizes, not prices. Here is what its own pages and independent reporting say, with the date of each source:
| Term | What the source says | Source |
|---|---|---|
| Deal size | $10M-$200M per company | Liquidity, Oct 2026 |
| Mars Growth Capital deals | Typically $20M-$100M, Asia-Pacific and EMEA | Liquidity, Jul 2026 |
| Structures | Term loan, revolver, acquisition financing, MRR line | Liquidity, Oct 2026 |
| Speed | Term sheets “in days not weeks” | Liquidity, Oct 2026 |
| Revenue floor | None published now; in 2020, typically $3M+ ARR and 30% yearly growth | Tech.eu, Feb 2020 |
| Interest rate | Not published | Not found on liquidity.com, Oct 2026 |
| Warrants, covenants, personal guarantees | Not stated | Not found on liquidity.com, Oct 2026 |
The deal-size range has moved up over time. TechCrunch reported $5 million to $100 million in 2023, and Liquidity’s March 2025 release said $10 million to $150 million. Smaller deals still happen inside particular funds: Calcalist reported in January 2024 that a $200 million sixth fund would write facilities of $2 million to $20 million.
Where Liquidity’s money comes from
A private lender is only as steady as the capital behind it. Liquidity’s comes from a Japanese bank, large asset managers, a US bank and venture investors:
| Date | Event | Source |
|---|---|---|
| Oct 2020 | $20M equity round from Spark Capital and MUFG Innovation Partners | CTech |
| Apr 2022 | About $775M in commitments: a $425M credit facility from Apollo funds, $300M from MUFG for Mars Growth Capital and a $50M SAFE, subject to conditions | Apollo, Calcalist |
| Feb 2023 | $40M from MUFG at a $1.4B valuation | Calcalist, TechCrunch |
| Sep 2023 | MUFG Bank and Liquidity Capital raise their Mars Growth Capital debt-fund commitment from $750M to $1B | MUFG |
| Jan 2024 | Reported to be raising a $200M sixth debt fund, with Harel Insurance as anchor investor ($30M) | Calcalist |
| Mar 2025 | A facility of up to $450M anchored by KeyBank senior debt; KeyBank’s initial commitment is $75M, expected to scale to $250M | Liquidity, Private Equity Wire |
| May 2026 | Up to $50M for payments company NALA through Mars Growth Capital, starting with $25M | Launch Base Africa |
Two corrections to what is often repeated. KeyBank did not lend $450 million: the facility is up to $450 million, with KeyBank senior debt at its base and mezzanine and equity above it. And Spark Capital’s money came in a 2020 round and a 2022 SAFE note; no source we found calls either a Series C.
Is Liquidity Group a good lender? Its credit record and reviews
Liquidity reports a “0.00% credit loss rate since 2019” on its private credit page (October 2026). That is a loss rate, the share of money not recovered, not a default rate. In Calcalist’s January 2024 profile, the company said it had seen zero defaults in the previous three years and a single case since 2018, which Daniel had earlier said it recovered. These are Liquidity’s own figures; no outside audit of them is public.
For scale, the Proskauer Private Credit Default Index put the default rate on 716 US senior secured and unitranche private credit loans at 2.51% in Q2 2026, down from 2.73% in Q1. Proskauer is a law firm, not a lender, and its index tracks senior secured and unitranche loans, so treat it as a market yardstick, not a like-for-like comparison.
Borrower reviews are scarce. Liquidity’s Trustpilot profile had no reviews when we checked on October 15, 2026, and we found no other public borrower review site for it. The testimonials on liquidity.com are anonymous. A founder weighing an offer should ask Liquidity for two or three borrower references at a similar size.
What a Liquidity loan might cost
Liquidity doesn’t publish rates. In 2023 Daniel told Calcalist, “Our interest rates are not higher than the market”. So the useful question is what the market charges.
Most growth debt of this size is priced as a floating base rate plus a spread. The base is usually SOFR, which the New York Fed published at 3.88% on October 14, 2026. Add the spread in your term sheet and you have the annual interest rate before fees.
For the all-in level, Founderpath’s Software Private Credit Tracker reads the loan schedules that 15 public business development companies (BDCs) file with the SEC. In Q4 2025, the three venture-focused BDCs (Hercules, Horizon and Trinity) reported a median interest rate of 10.25% across 123 software loan positions. Across all 15 BDCs, the median was 8.97% on 1,125 positions. These are rates public BDCs report on software loans, not Liquidity quotes, and they exclude fees, which the next section covers.
Questions to ask before you sign a Liquidity term sheet
Because the published terms stop at deal size and structure, the term sheet is where the real offer lives. Ask these before you sign:
- What is the all-in cost? Add the interest, any upfront fee, unused-line fee and exit fee, and work out the total you repay for the cash you receive.
- Are there warrants? Ask for the coverage and the exercise price; our guide to debt warrants shows how to price them.
- Which covenants apply? Revenue, liquidity or cash covenants decide when a lender can call a default; see debt covenants for SaaS founders.
- What security does the lender take? Most facilities come with a blanket lien and a UCC-1 filing; our explainer on UCC filings covers what that blocks.
- Can you prepay, and at what cost? Ask for the prepayment fee in each year of the term.
- Is anything personal? Confirm in writing whether the founders sign a personal guarantee.
Jay Ackerman, CEO of Reveleer, put the first question first when his company raised a $65M debt facility from Hercules Capital to fund acquisitions. Reveleer had $50M in revenue in 2023, per GetLatka:
What was most important to us is the total interest expense that we’re going to pay with front-end fees, back-end fees, carrying fees, and straight borrowing costs. That’s number one. Yes, we were focused on the exit fee, and we were able to lock in at a rate that we felt comfortable with.
Jay Ackerman, President and CEO, Reveleer. Watch at 19:38
Watch the full interview with Jay Ackerman, with transcript.
Who Liquidity fits, and who it doesn’t
Liquidity fits a growth-stage or mid-market company that needs at least $10 million, has the revenue and data to support it, and wants to grow without selling more equity, whether to fund expansion, working capital or an acquisition. Its funds lean toward Asia-Pacific and Europe, and its March 2025 facility was dedicated to North America.
Henry Schuck, founder and CEO of ZoomInfo, explains why a profitable company at that scale prefers debt to equity:
Every time you use debt, debt doesn’t participate in the upside of the company. And so if I take $100 of debt and it has a 5% interest rate, and for three years my company grows 100%, the debt doesn’t get a 100% return. It gets a 15% return over those three years, and the company participates in the upside.
Henry Schuck, Founder and CEO, ZoomInfo. Watch at 20:16
It is a poor fit if you need less than $10 million, or if you want published, fixed pricing before you talk to anyone. Most bootstrapped SaaS companies borrowing against a few million in ARR are in that group. For context on the market Liquidity competes in, PitchBook and NVCA counted $68.8 billion of US venture debt deal value in 2025, so a company that fits Liquidity will have other lenders to compare.
Alternatives to Liquidity Group
If you need less than $10 million, these lenders work at smaller sizes. Each figure is the lender’s own statement, as of October 2026:
| Lender | What it offers | Size and eligibility |
|---|---|---|
| Hum Capital | Direct loans through Hum Financial, or a marketplace of outside lenders | $1M-$50M; US companies with $2M+ annual revenue (Hum) |
| Efficient Capital Labs | Revenue-based financing for SaaS and AI companies | $100K-$5M, often up to 60% of ARR; from $500K ARR, companies in the US, India or Singapore (ECL) |
| Founderpath revenue financing | Revenue purchase from a 7% discount rate, up to $1.5M per round | Typically $1M-$3M ARR |
| Founderpath term loans | $500K-$10M from 15% annual interest, up to 4 years, interest-only up to 24 months | Typically $3M+ revenue |
Our Founderpath vs Liquidity Group comparison has a calculator: enter the terms of a Liquidity offer and compare the repayment with Founderpath’s options for the same cash. For a wider view of the category, see our guide to venture debt for SaaS.
Funding below Liquidity’s minimum
Liquidity is built for companies raising tens of millions. Most bootstrapped SaaS founders need far less, sooner, and without a long diligence process.
Founderpath provides non-dilutive capital for B2B SaaS companies with at least $10K MRR. There’s no equity, no warrants, no board seats and no full personal guarantee: Founderpath takes a lien on business assets only. Connect your billing, banking and accounting data, and most founders see funds within 24-48 hours.
Check what you qualify for. It takes less than 5 minutes.
Frequently asked questions
What is Liquidity Group?
Liquidity Group, now called Liquidity, is an AI-driven private credit firm founded in Tel Aviv in 2018 by Ron Daniel and Oron Maymon. Its lending division, Liquidity Capital, provides $10 million to $200 million of debt to growth-stage and mid-market companies, many of them in technology, much of it through Mars Growth Capital, a joint venture with MUFG Bank.
Is Liquidity Capital the same company as Liquidity Group?
Yes. Liquidity Capital was the firm’s name in 2020, it is the legal entity named on MUFG’s 2023 release, and it is now the name of Liquidity’s private credit division. Liquidity Capital Partners is a different business, a US lender to real-estate investors, and we found no connection to Liquidity.
How much does Liquidity Group lend?
Liquidity states on its website, as of October 2026, that it deploys $10 million to $200 million per company. Mars Growth Capital facilities are typically $20 million to $100 million. Some funds have written smaller facilities, such as a 2024 fund reported to lend $2 million to $20 million.
What interest rate does Liquidity Group charge?
Liquidity does not publish a rate card. Growth debt of this size is usually priced as SOFR plus a spread; SOFR was 3.88% on October 14, 2026. In Q4 2025 SEC filings, venture-focused BDCs reported a median 10.25% rate on software loans, which is a market yardstick, not a Liquidity quote.
What is Mars Growth Capital?
Mars Growth Capital is a joint venture between Liquidity and MUFG Bank that lends to growth-stage technology companies, mainly in Asia-Pacific and Europe. MUFG Bank and Liquidity Capital raised their commitment to the Mars debt funds from $750 million to $1 billion in September 2023.
Does Liquidity Group take equity or warrants?
Liquidity’s website does not state a warrant or equity policy for its loans, as of October 2026. Ask for warrant coverage, covenants, security and any personal guarantee in writing before you sign, and confirm them in the loan documents.
Is Liquidity Group legit?
Liquidity is an established lender backed by MUFG Bank, Apollo funds, KeyBank and Spark Capital, and it reported a $1.4 billion valuation in 2023. It reports a 0.00% credit loss rate since 2019, a figure it publishes itself. Public borrower reviews are scarce, so ask for references.
Is Liquidity Group a good fit for a bootstrapped SaaS company?
Usually not, because its deals start at about $10 million. Bootstrapped SaaS companies borrowing against a few million in ARR are better served by revenue-based financing or term loans sized to their revenue, such as Founderpath’s, which start at $10K MRR.
Sources and method
We checked every figure in this review on October 15, 2026, against the company’s own pages and independent reporting. Where only Liquidity states a fact, the text says so. Founderpath’s tracker figures were computed from the Q4 2025 loan schedules in our dataset (debt positions with a reported rate); the tracker page’s FAQ still quotes an earlier 903-loan set. Sources:
- Liquidity, private credit page and homepage, read October 15, 2026
- Liquidity, partnership with MUFG Bank case study, July 2026
- MUFG Bank and Liquidity Capital release, September 29, 2023
- Liquidity Group $775 million commitments release, hosted by Apollo, April 5, 2022
- Liquidity, KeyBank-anchored facility release, March 19, 2025, and Private Equity Wire, March 21, 2025
- Calcalist interview with Ron Daniel, February 2023, and Calcalist on Liquidity’s sixth fund, January 2024
- TechCrunch, May 2023; Tech.eu, February 2020; CTech, October 2020
- Proskauer Private Credit Default Index, Q2 2026, July 28, 2026
- Federal Reserve Bank of New York, SOFR, October 14, 2026
- PitchBook-NVCA Venture Monitor, Q1 2026, venture debt deal value
- Founderpath Software Private Credit Tracker, Q4 2025 filings of 15 BDCs
- Hum Capital and Efficient Capital Labs terms pages, read October 15, 2026
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