Problem
B2B trade is booming, and so is B2B fraud. Existing rails are final. Money sent is money gone.
Year
2020
2021
2022
2023
B2B US Trade
$11.7T
$12.98T
$14.89T
$14.87T
B2B US International Trade
$4.9T
$5.92T
$6.97T
$7.00T
B2B Fraud
Today’s rails:
SWIFT / Wires: costly, irreversible; cross-border wires are slow
ACH: cheap, next-day (or same-day), but mostly irreversible and fraud-prone
FedNow: instant, but still irreversible
What are US companies doing to avoid fraud?
It’s a mix of relationship-building and financial instruments, with a heavy reliance on bank security products when the risk or transaction size justifies it.
Build trust personally
Letters of Credit (LCs)
Trade Credit Insurance
Factoring
Buyers often visit suppliers, meet at trade shows, or rely on referrals. In the U.S., trust-building is often the first line of defense since formal instruments are costly.
Expensive (0.5–2%+ fees) and complex, but safe. SMBs rarely use them due to cost; uptake is concentrated among large corporates.
Many SMBs skip it due to cost and lack of awareness. Typical premiums are 0.2–0.6% of covered sales, making it more common for larger U.S. exporters.
Widely used in the U.S. by SMBs for liquidity, but often recourse factoring, meaning sellers still eat the loss if the buyer doesn’t pay. Non-recourse factoring exists but costs more.
Macro-trends that will make B2B fraud worse
Booming irreversible stablecoins and an emerging agent economy that can’t build trust like humans do.
Stablecoins
Agent economy
Stablecoins are booming, with over $25T processed in 2024. But in their vanilla form, they introduce a new irreversible payment rail for B2B transactions, amplifying fraud risk without safeguards.
In the U.S., fraud is often mitigated by personal trust, factory visits, trade shows, referrals. But in an agent-driven economy, machines can’t build relationships. They need a digital trust layer to transact safely.
Solution: Boonie, the trust layer for the emerging B2B agent economy
Buyer's Agent
Supplier's Agent
Funds stay locked in buyer's account until delivery is verified (AI cross-checks delivery docs)
If terms fail, money never leaves the buyer; if verified, it is released to the supplier
Built on stablecoins* to make programmable payments safe at near-zero cost
*Boonie doesn’t use contracts. It leverages the money transmitter license and Circle’s API.
What's the difference with a normal letter of credit (escrow for B2B)?
API first
AI checks terms
Stablecoins instead of fiat
Pricing
Normal escrows are manual and paper-heavy. Boonie is API-first, built to handle agent-to-agent transactions natively.
Traditional escrows rely on humans to review paperwork. Boonie uses AI to parse documents and verify terms automatically.
Conventional escrows settle in fiat. Boonie runs on stablecoins, making it currency-agnostic and unlocking programmability.
A $100K deal costs ~$3,130 in a traditional letter of credit. With Boonie, it’s ~$7. That $3,123 gap is the opportunity.
Only 1 in 8 B2B deals use LCs today. SMBs embrace fraud risk because traditional LCs is too expensive.
How to outcompete incumbents?
Letters of credit are bank-run and costly. Card networks and processors offer chargebacks but are misaligned with B2B.
Incentives
Product fit
Where we win
Cost proof
Strategy
Card networks monetize 2–3% interchange. Moving to near-zero pricing would erode their core business.
On cards, money moves first, disputes happen later. B2B requires the opposite: funds held until PO, invoice, and delivery docs align.
Cards rarely used for six-figure cross-border invoices. Banks push LCs and wires. Boonie replaces LCs with programmable escrow.
$100K on: cards ≈ $2,900 | LC ≈ $3,130 | Boonie ≈ $102.
Rail‑agnostic. We partner for on/off‑ramps while owning the verification layer. By owning the verification layer, we become sticky regardless of rail.
GTM
Boonie will first serve human-driven transactions, with a clear mission to become the trust layer for agents. Our beachhead is the US-MX B2B corridor: fast-growing, fraud-prone, and underserved because most players can’t afford escrow.
Trading volume
Inter vs external
Fraud
Deal size
$840B in 2024, +56% since 2020, still growing YoY
Intra-company flows dropped from ~66% (2020) to ~50% (2024). More trades now happen between unaffiliated firms, where risk spikes.
74% of fraud occurs in trades between unaffiliated companies.
Most deals are 6-figures, but SMBs can’t pay high escrow costs, leaving them exposed.
How much money can we make in this beachhead?
The TAM of the beachhead is $3.2B and the SAM of the market is $3.2M.
Transactions 2024
Deal size average
Number of transactions 2024
1 out of 8 use LCs
Gap to capture per LC
TAM / SAM
US-MX trade volume: $840B (2024)
Avg. deal: $100K
8.4M transactions
1.05M transactions use LCs today (mostly large corporates)
LC fee gap: $3,123 per deal
TAM: $3.2B | SAM (1%): $32.8M
How does the first product work
Day 0: Purchase order
Delivery day: Receipt of goods
Day 30-60: Terms end
Buyer keeps cash, supplier sees committed funds
AI verifies delivery; buyer dispute window opens
Automatic payout; supplier paid, no chasing
Demo
Deal between buyer Texas Electronics and supplier Electronicos Monterrey | Amount: $48,250 USD
Payer view
Day 0: $48,250 remain in buyer’s account, reserved but visible as committed.
Delivery: Boonie AI verifies PO, goods receipt, and invoice. If there’s a mismatch, buyer dispute window opens.
Net 30–60: If delivery is verified, funds auto-release to supplier.
Supplier view
Day 0: Supplier sees committed funds and ships goods.
Delivery: Supplier is notified if delivery is verified or if a buyer dispute opens.
Net 30–60: Supplier is paid automatically, no chasing.
Purchase order
Goods receipt
Supplier invoice
Cash control without friction
Keep full control. Funds only move when delivery is verified, never before.
USD
USDC
Local payments, near zero fees
Pay suppliers locally without card, wire, or forex costs.
NetSuite
SAP
QuickBooks
No workflow change
Works with your ERP: NetSuite, QuickBooks, and SAP.
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Always audit-ready
Every payment carries a verifiable trail of approvals and evidence.
Boonie.com
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Built in San Francisco, CA.