Independent Accountants' Report on Applying Agreed-Upon Procedures

Summary

An Independent Accountants' Report on Applying Agreed-Upon Procedures, Exhibit 99.1, addressed to Retail Capital LLC d/b/a Credibly and Truist Securities, Inc. as the Specified Parties, concerning Credibly Asset Securitization II LLC, Series 2021-1. It covers a data file of 2,055 receivables secured by small business loans and merchant cash advances as of January 31, 2021, from which the Company instructed a random sample of 200 Receivables to be selected. The procedures compared or recomputed attributes such as Merchant Name, State, FICO, Rate/Factor, Product Type, SIC Code and Yield against the Company's system records. The report states that there were no conclusions that resulted from the procedures, and that it is signed /s/KPMG LLP, dated March 19, 2021.

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Exhibit 99.1

Independent Accountants’ Report on Applying Agreed-Upon Procedures

Retail Capital LLC d/b/a Credibly (the “Company”)

Truist Securities, Inc.

(together, the “Specified Parties”)

Re: Credibly Asset Securitization II LLC, Series 2021-1 — Data File Procedures

We have performed the procedures described below, which were agreed to by the Specified Parties, on the specified attributes identified by the Company in an electronic data file entitled “Eligible_Portfolio_As_of_2021_Jan_31_v1.2.xlsx,” provided by the Company on February 22, 2021, containing information related to 2,055 receivables secured by small business loans and merchant cash advances (the “Receivables”) as of January 31, 2021 (the “Data File”), which we were informed are intended to be included as collateral in the offering of Credibly Asset Securitization II LLC, Series 2021-1. The Company is responsible for the specified attributes identified by the Company in the Data File. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the materiality threshold.

· The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the materiality threshold.

· The term “materiality threshold” means that dollar amounts was within $1.00 and Business Age was within one (1) month.

· The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, methodology, or value, as described in Exhibit B.

· The term “Sources” means some or all of the following documents for each of the Selected Receivables (defined below):

· Electronic records on the following screens of the Company’s origination and servicing system (the “Recap System”): Amortization Schedule screen, Business Info screen, Client Info screen, Deal Info screen, Funding Credit Pull screen, Transaction History screen, and UW Summary screen.

· Receivable Purchase Agreement (including any Weekly Remittance Addendum thereto), Business Loan and Security Agreement (including any Weekly Repayment Addendum thereto), all of which we accessed through the Recap System.

· Electronic mail correspondence from the Company listing product names in the Recap System corresponding to each Product Type appearing in the Data File (the “Product Listings”).

· Electronic mail correspondence from the Company listing range of risk score corresponding to each Risk Score Band appearing in the Data File (the “Risk Score Ranges”).

· An electronic data file entitled “Eligible_Portfolio_As_of_2021_Jan_31_v1.2_yieldcalc.xlsx,” provided by the Company, containing yield calculation methodology for the Receivables (the “Yield Calculation Methodology”).

We were instructed by the Company to perform the following agreed-upon procedures on the Receivables in the Data File.

A. The Company instructed us to select a random sample of 200 Receivables from the Data File (the “Selected Receivables”). A list of the Selected Receivables is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us as to the basis for how they determined the number of Receivables we were instructed to randomly select from the Data File.

B. For each Selected Receivable, we compared or recomputed the specified attributes in the Data File to or using the corresponding information in the respective Sources. The Specified Parties indicated that the absence of any of the noted documents or the inability to agree the indicated information from the Data File to the Sources for each of the specified attributes, utilizing the Instructions as applicable, constituted an exception. The Sources are listed in the order of priority until such attribute was agreed.

Attributes | Sources/Instructions
Merchant Name | “ID” field on Business Info screen
State | “State Incorporated” field or “Billing State” field on Business Info screen
FICO | “FICO” field on UW Summary screen, “Credit Score” field on the Funding Credit Pull screen, “FICO” field on Client Info screen, and Instructions
Payment/Remittance Frequency | Repayment Plan stated in Receivable Purchase Agreement, Weekly Remittance Addendum to Receivable Purchase Agreement, Business Loan and Security Agreement, or Weekly Repayment Addendum to Business Loan and Security Agreement
Remaining Funding Amount | “Remaining Principal” field on Amortization Schedule screen; “Actual Unremitted Contract Amount” field, “Advance Remaining” field, and “Principal Balance” field on Transaction History screen, “Factor” field and “Syndication Percentage” field on Deal Info screen, and Instructions.
Rate/Factor | “Factor” field on Deal Info screen
Product Type | “Deal Type” field on Deal Info screen and the Product Listings
SIC Code | “SIC” field on Business Info screen
Risk Score Band | Risk Score stated in the Data File and the Risk Score Ranges
Business Funded Date | “Funded Date” field on Deal Info screen

2

Attributes | Sources/Instructions
Business Age | Recompute as the number of months between the Funded Date on Deal Info screen and Business Start Date on Business Info screen
Yield | Recompute using the information stated in the Data File in columns “Turn,” “RTR Amount,” “Advance Amount,” and “Origination Fee 2” related to the Selected Receivable and the Yield Calculation Methodology.

There were no conclusions that resulted from the procedures.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes identified by the Company in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to the Specified Parties.

The procedures performed were applied based on the information included in the Data File, the Sources, and Instructions, without verification or evaluation of such information and instructions by us; therefore, we express no opinion or any other form of assurance regarding (i) the physical existence of the Sources, (ii) the reasonableness of the Instructions, (iii) the reliability or accuracy of the Sources which were used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).

The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but may have access to this report as required by law or regulation.

/s/KPMG LLP

Irvine, CA March 19, 2021

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Exhibit A - The Selected Receivables

Selected Receivable # | Receivable Number(1) | Selected Receivable # | Receivable Number(1) | Selected Receivable # | Receivable Number(1) | Selected Receivable # | Receivable Number(1)
1 | 20211001 | 51 | 20211051 | 101 | 20211101 | 151 | 20211151
2 | 20211002 | 52 | 20211052 | 102 | 20211102 | 152 | 20211152
3 | 20211003 | 53 | 20211053 | 103 | 20211103 | 153 | 20211153
4 | 20211004 | 54 | 20211054 | 104 | 20211104 | 154 | 20211154
5 | 20211005 | 55 | 20211055 | 105 | 20211105 | 155 | 20211155
6 | 20211006 | 56 | 20211056 | 106 | 20211106 | 156 | 20211156
7 | 20211007 | 57 | 20211057 | 107 | 20211107 | 157 | 20211157
8 | 20211008 | 58 | 20211058 | 108 | 20211108 | 158 | 20211158
9 | 20211009 | 59 | 20211059 | 109 | 20211109 | 159 | 20211159
10 | 20211010 | 60 | 20211060 | 110 | 20211110 | 160 | 20211160
11 | 20211011 | 61 | 20211061 | 111 | 20211111 | 161 | 20211161
12 | 20211012 | 62 | 20211062 | 112 | 20211112 | 162 | 20211162
13 | 20211013 | 63 | 20211063 | 113 | 20211113 | 163 | 20211163
14 | 20211014 | 64 | 20211064 | 114 | 20211114 | 164 | 20211164
15 | 20211015 | 65 | 20211065 | 115 | 20211115 | 165 | 20211165
16 | 20211016 | 66 | 20211066 | 116 | 20211116 | 166 | 20211166
17 | 20211017 | 67 | 20211067 | 117 | 20211117 | 167 | 20211167
18 | 20211018 | 68 | 20211068 | 118 | 20211118 | 168 | 20211168
19 | 20211019 | 69 | 20211069 | 119 | 20211119 | 169 | 20211169
20 | 20211020 | 70 | 20211070 | 120 | 20211120 | 170 | 20211170
21 | 20211021 | 71 | 20211071 | 121 | 20211121 | 171 | 20211171
22 | 20211022 | 72 | 20211072 | 122 | 20211122 | 172 | 20211172
23 | 20211023 | 73 | 20211073 | 123 | 20211123 | 173 | 20211173
24 | 20211024 | 74 | 20211074 | 124 | 20211124 | 174 | 20211174
25 | 20211025 | 75 | 20211075 | 125 | 20211125 | 175 | 20211175
26 | 20211026 | 76 | 20211076 | 126 | 20211126 | 176 | 20211176
27 | 20211027 | 77 | 20211077 | 127 | 20211127 | 177 | 20211177
28 | 20211028 | 78 | 20211078 | 128 | 20211128 | 178 | 20211178
29 | 20211029 | 79 | 20211079 | 129 | 20211129 | 179 | 20211179
30 | 20211030 | 80 | 20211080 | 130 | 20211130 | 180 | 20211180
31 | 20211031 | 81 | 20211081 | 131 | 20211131 | 181 | 20211181
32 | 20211032 | 82 | 20211082 | 132 | 20211132 | 182 | 20211182
33 | 20211033 | 83 | 20211083 | 133 | 20211133 | 183 | 20211183
34 | 20211034 | 84 | 20211084 | 134 | 20211134 | 184 | 20211184
35 | 20211035 | 85 | 20211085 | 135 | 20211135 | 185 | 20211185
36 | 20211036 | 86 | 20211086 | 136 | 20211136 | 186 | 20211186
37 | 20211037 | 87 | 20211087 | 137 | 20211137 | 187 | 20211187
38 | 20211038 | 88 | 20211088 | 138 | 20211138 | 188 | 20211188
39 | 20211039 | 89 | 20211089 | 139 | 20211139 | 189 | 20211189
40 | 20211040 | 90 | 20211090 | 140 | 20211140 | 190 | 20211190
41 | 20211041 | 91 | 20211091 | 141 | 20211141 | 191 | 20211191
42 | 20211042 | 92 | 20211092 | 142 | 20211142 | 192 | 20211192
43 | 20211043 | 93 | 20211093 | 143 | 20211143 | 193 | 20211193
44 | 20211044 | 94 | 20211094 | 144 | 20211144 | 194 | 20211194
45 | 20211045 | 95 | 20211095 | 145 | 20211145 | 195 | 20211195
46 | 20211046 | 96 | 20211096 | 146 | 20211146 | 196 | 20211196
47 | 20211047 | 97 | 20211097 | 147 | 20211147 | 197 | 20211197
48 | 20211048 | 98 | 20211098 | 148 | 20211148 | 198 | 20211198
49 | 20211049 | 99 | 20211099 | 149 | 20211149 | 199 | 20211199
50 | 20211050 | 100 | 20211100 | 150 | 20211150 | 200 | 20211200

(1) The Company has assigned a unique six-digit Receivable Number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the Receivable Number.

A- 1

Exhibit B - Instructions

Attribute | Instructions
FICO | In the event there were multiple FICO scores or credit scores within the same UW Summary screen, Funding Credit Pull screen, or Client Info screen, recompute the average score from: · “FICO” field on the UW Summary screen · “Credit Score” field on the Funding Credit Pull screen · “FICO” field on the Client Info screen · the latest score under the “FICO” field on the UW Summary screen · the latest score under the “Credit Score” field on the Funding Credit Pull screen
Remaining Funding Amount | Applicable only to Selected Receivables with deal type “ACH,” “Split,”, and “Daily Remit Loan” as shown on Deal Info screen. Compare or recompute as follows: · For “ACH” and “Split” deal types: o compare to the “Advance Remaining” amount on Transaction History screen, or o recompute by dividing the Actual Unremitted Contract Amount on Transaction History screen by the Factor on Deal Info screen, and multiplying with the Syndication Percentage on Deal Info screen. · For “Daily Remit Loan” deal type: o compare to the Remaining Principal on Amortization Schedule screen or Principal Balance on Transaction History screen, or o recompute by multiplying the Principal Balance on Amortization Schedule screen by the Syndication Percentage on Deal Info screen.

B- 1

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