San Francisco-based fintech startup Natural has secured a debt facility of up to $100 million from Upper90 Capital Management to fund credit and transaction settlement for autonomous AI agents. The debt financing arrives one month after the company closed a $30 million Series A equity round led by Forerunner Ventures, bringing its total equity raised past $40 million.
Founded by Kahlil Lalji, Eric Wang, and Walt Leung, Natural is developing banking and payments rails tailored for autonomous software workflows. The company partners with Column N.A. to provide FDIC-insured accounts and multi-bank settlement rails.
Debt vs. Equity in Agentic Commerce
The $100 million Upper90 credit facility addresses a structural separation in financial infrastructure: equity funding supports software engineering and product development, while credit facilities warehouse lending exposure and pre-settlement liquidity.
As autonomous AI agents execute programmatic purchases, micro-transactions, and automated SaaS billing, transaction volumes require balance sheet backing before end-of-day bank clearing. The credit facility allows Natural to scale working capital and credit lines for enterprise-deployed agents without incurring equity dilution.
Current Product Portfolio and Q4 Roadmap
Natural currently provides six core products in general availability:
- Wallets: Programmable accounts designed for agent spending limits and operational isolation.
- Vaults: One-way ingress accounts where agents can deposit customer revenue without withdrawal authority.
- Pay & Request: Bidirectional invoice and checkout APIs for automated transactions.
- Transfer: Multi-bank clearing and funds routing.
- Connect: Embedded marketplace infrastructure for developer platforms.
The company plans to deploy virtual cards and payment acceptance in late 2026, followed by two balance-sheet-backed products in Q4: Credit, which grants programmatic credit lines directly to autonomous agent runtimes, and Charge, an automated metering system for per-API-call billing against wallet balances.
Ecosystem Backing
Natural's cap table features institutional backing from Forerunner, Human Capital, Abstract, and Bridge, along with corporate and angel investment from operators at Brex, Mercury, Vercel, Notion, Increase, and Browserbase.
The Upper90 debt structure mirrors broader capital allocation trends across AI infrastructure, where credit lines increasingly finance heavy capital requirements, from sovereign data center expansions to autonomous transaction clearing.
