Lighter Capital publishes a repayment cap, not a fixed rate

The record

Lighter Capital provides revenue-based financing to software companies as an alternative to equity fundraising. Its own FAQ page, retrieved 16 September 2026, states that with this product 'you pay a fixed percentage of topline revenue until the total repayment cap is reached,' and that 'the repayment cap varies between 1.3-1.5X the funded amount' depending on 'the health and stage of your business.' The company's own how-it-works page states eligibility in specific terms: applicants generally need '$200K in annual recurring revenue (ARR) or $15K MRR from a diverse customer base,' and 'well-qualified companies can get up to $10 million' in total non-dilutive funding, with a single plan capped at '$4M USD or $1M AUD.'

What the documents establish

Lighter Capital's own pages establish the repayment cap as a stated range, 1.3 to 1.5 times the amount financed, tied explicitly to the company's health and stage rather than fixed as one multiple for every deal. Neither page discloses a single royalty percentage of monthly revenue; both describe the payment mechanism only as 'a fixed percentage of your monthly revenue' that rises and falls with revenue, without naming the percentage itself. That is a meaningful omission to preserve in any description of Lighter Capital's terms: the cap is published as a range, but the rate that produces that cap is not published as a fixed number on either page checked here.

The operating read

This is an editorial reading of what a stated cap without a stated rate means for a founder comparing offers. Because the 1.3-1.5X range is explicitly tied to 'health and stage,' a founder should expect the actual royalty percentage, and therefore the repayment period, to be negotiated per company rather than quoted from a published rate card. The ARR and MRR eligibility thresholds function as a first filter rather than a promise of funding: meeting $200K ARR or $15K MRR qualifies a company to apply, not to receive financing at any particular cap or amount. A company earlier than that threshold would not, on Lighter Capital's own published criteria, be considered a fit for this specific product.

What to check before you decide

Before comparing a specific offer to Lighter Capital's published range, a reader should check the following.

• Where does an actual offered percentage-of-revenue rate fall, and what total repayment does that rate imply against the stated 1.3-1.5X cap?
• Does the company's current ARR or MRR clear the stated $200K/$15K threshold on the date of application?
• Has either the cap range or the eligibility threshold changed since 16 September 2026?

A published cap range describes the outer bound Lighter Capital states it uses; it does not by itself describe the rate, term or total repayment a specific applicant will be offered.