Asset-based finance is experiencing rapid growth within credit markets and the private credit sector, expanding beyond traditional middle market buyouts. This surge is largely driven by innovative FinTech originators who are leveraging technology to streamline lending processes and access new markets. The changing market dynamics, including increased regulatory pressures on traditional banks, have created opportunities for alternative lenders to fill the gap in asset-based financing. These lenders are tapping into diverse asset classes, from real estate and equipment to intellectual property and receivables, offering tailored financing solutions. The rise of asset-based finance is also attracting institutional investors seeking yield in a low-interest-rate environment, further fueling the sector's expansion. What potential risks does the expansion of asset-based finance pose to the broader financial system, in terms of systemic risk and market stability? How might the increasing involvement of FinTech originators impact traditional lending institutions, and what regulatory challenges might arise as a result?