Recurring Revenue Securitization: the future of SaaS startup financing?

How is this different from a zero-coupon bond? On pipe.com - https://www.pipe.com/help they say -

"The discount that investors are willing to buy your subscriptions for ranges based on the health of your business. However, they are significantly less than the discounts you may be offering on annual pre-paid contracts to your customers, with the added benefit of maintaining 100% of your ACV."

If the 'security' is bought at a discount but the ACV is financed is 100% how does the investor make money?