Every new line of code that a company such as Transparen writes is an intellectual property asset.  This is because, in theory, intellectual property rights are protected; however, not every bank or financial institution would regard intellectual property as a very good form of security.  But intellectual property is also an asset because it enables Transparen and companies like it to charge clients less than the cost of developing a completely new, custom-made product.  Reselling intellectual property in some form bridges the gap between what clients are willing to pay and what software actually costs to make.

All this does not solve the problem of financing such a software project which is only partly funded by a client.

Part of the answer is to issue more shares as the development continues, and to sell those shares - possibly to the customer, and possibly to another investor.  But someone must buy those new shares, or development cannot continue because it would not be adequately funded.

Also, if possible, additional clients should be brought on board to purchase licenses to the software - in this way, if enough clients are found, then the company may be able to purchase its own shares (or avoid issuing the shares).