Small business lender QuickFee has come up with a loan product that it claims takes credit risk out the equation. It has been operating in the local market for a decade and has now raised capital to make a big push in the US market.QuickFee shares were quoted on the Australian Securities Exchange yesterday after the company completed an initial public offering that raised A$13 million.The company offered 67.5 million shares at 20 cents a share in its IPO. The market capitalisation at listing is $32.3 million.The company provides a form of invoice finance to accounting and law firms, allowing them to set up monthly payment plans for their clients. Clients take out loans with terms of up to 12 months.Monthly payments are made on the QuickFee platform. Firms include a link to the platform on their invoices and alert clients to the finance available from QuickFee.QuickFee says it does not take on any credit risk. According to the prospectus: "Firms grant QuickFee the irrevocable right to require the firm to purchase a client loan for the outstanding amount, in the event that a client defaults on an instalment payment."It earns revenue from platform hosting fees, payment processing fees and interest on loans.The local business has contracted with 700 firms since it launched in 2009 - 594 of which have had clients take out one or more loans. Total lending over the period has been around $190 million.QuickFee US was launched in 2016 and has contracted with 230 firms - 112 of which have had clients take out loans. Total lending has been US$9.5 million.To date, QuickFee's working capital requirements and financing of loans have been financed through equity capital contributions and shareholder loans. The company acknowledges in its prospectus that availability of funding will be an issue post-listing.QuickFee also offers disbursement and family law funding. The Australian business is profitable (although not cashflow positive) but the US business is a loss maker.The company's managing director is Bruce Coombs, who was a partner at Macquarie Partners, an accounting firm that is now part of Deloitte.The chair is Barry Lewin, the founder of a Melbourne  corporate advisory firm SLM Corporate.