Fence
Real-time operations and automation platform for asset-backed finance
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$0Buyback funds
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| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
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| Nov 2026 | $0 | -- | -- | -- |
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| Sep 2026 | $0 | -- | -- | -- |
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| Jul 2026 | $0 | -- | -- | -- |
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About Fence
Fence acts as facility agent for asset-backed finance, moving credit-facility rules out of spreadsheets and email into a continuously running system. It performs four jobs for lenders: verifying every asset against independent data sources rather than sampling in an annual audit, calculating eligibility, covenants and cash waterfalls on live data, funding same day with intraday cash recycling, and running simulations and aggregate analytics across special purpose vehicles. The system connects directly to originator backends, payment providers and registry databases, and assets and lender positions can be tokenised into a single readable record.
Clients are private credit funds, warehouse lenders and fintech originators, across more than 13 asset classes from merchant cash advances to card receivables and equipment leases, with over US$1.2 billion under administration. Where a monitoring dashboard only reports, Fence performs calculations and moves cash, which puts it closer to a fiduciary role. Exposure concentrates in segments of US private credit, and results depend on originators opening backend access; where integration is unavailable, reconciliation falls back to manual work.
Fence, an automated debt financing SaaS platform, has reached several milestones with long-term significance.
First, in April 2026, Fence completed a $20 million funding round led by Galaxy Ventures, with participation from ParaFi Capital and Crane Ventures Partners. This oversubscribed round underscores institutional confidence in its mission to replace legacy trust and agency infrastructure.
Second, Fence has grown to $1.5 billion in assets under administration across live facilities, backed by major institutions including BlackRock, Fortress, i80 Group, and BBVA. This validates its software-driven approach to verification, calculation, collateral, and paying agency functions.
Third, in a production facility with BBVA, Fence enabled near-instant drawdowns multiple times daily—replacing weekly or monthly funding cycles—while monitoring hundreds of thousands of transactions monthly in real time. This demonstrates tangible efficiency gains: up to 40% lower cost of capital and 80% lower operational overhead.
Finally, Fence's strategic positioning is notable: it uses blockchain and smart contracts as back-end plumbing, not as a front-end pitch, aiming to become the foundational infrastructure layer for a new generation of programmable, automated debt capital markets.
On April 29, 2026, Fence raised $20 million in a round led by Galaxy Ventures with ParaFi Capital and Crane Ventures participating, earmarked for US expansion and product development. The company keeps blockchain in the background, using smart contracts to release funds automatically when transaction conditions are met and replacing spreadsheet, email and PDF workflows in asset-backed finance with a single platform, so lenders can monitor loan performance and cash flows in real time instead of waiting for periodic reports.
Scale is already concrete: about $1.5 billion in assets on the platform, clients including BBVA, BlackRock and Fortress, and a BBVA engagement that lowered borrower financing costs and cut operational workload, with new transactions onboarded in weeks rather than months. Fence deliberately does not sell tokens or wallets to institutional clients, applying tokenization only where it adds value, such as turning a lender's position in a financing instrument, and in some cases the loans and invoices themselves, into programmable, tradable claims. The founding team frames the company as capital markets infrastructure rather than a blockchain business.
Fence prioritizes US expansion, standardizes issuance, monitoring and settlement for structured credit, and replicates the model across more banks, asset managers and specialty finance firms so tokenized claims bridge DeFi and private credit.
Juan Montero — Co-Founder & CEO; founded Fence in Madrid in 2023.
Gonzalo Bandeira — Co-Founder;
Ignacio Rosario Carrera — Co-Founder.
Silvia (Chivi) Galatas — Head of Partnerships, US;
David Pérez Cebrián — Head of Engineering & Platform.