Untangled
On-chain credit and RWA infrastructure protocol
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About Untangled
Untangled Finance provides infrastructure for on-chain private credit, pooling short-dated assets such as SME loans, trade receivables and working capital into structured products. Assets sit in a bankruptcy-remote Luxembourg SPV and are sliced into unitranche, senior SOT and junior JOT tranches that absorb losses in order, with origination sourced from fintech lenders vetted by Fasanara, asset claims recorded as NFTs on-chain, and redemptions processed in monthly epochs.
The attached Credio layer supplies a credit oracle, publishing asset performance from off-chain data and zero-knowledge proofs so other protocols can price the collateral, while Vault runs non-custodial portfolios for DAO treasuries. Compared with Centrifuge or Maple, it leans on a single asset manager to screen originators. Access is limited to accredited and professional investors, exits queue for a monthly window, and deteriorating asset quality is constrained by the maturity of the underlying loans.
January 2026, Untangled Finance launched curated yield vaults on Stellar, offering four deposit-and-earn vaults whose funds route into money markets, private credit, AMMs, and RWAs. Its RWA credit protocol had previously deployed on the Celo network.
Backed by Fasanara Capital, Untangled focuses on tokenizing institutional-grade private credit and on-chain securitization.
Future strategy and roadmap: Untangled Finance plans to expand into a multichain RWA credit protocol (including Ethereum and Polygon via Chainlink) and refine compliance and interoperability around securitization pools and institutional KYC.
Quan Le — Co-founder & CEO; spent 17 years at PwC in strategy, M&A and audit; founded blockchain commodity platform Binkabi in 2017 and Untangled Finance in 2020.
Manrui Tang — Co-founder & COO; graduated from LSE and Imperial College London; former PwC and National Grid; co-founded Binkabi with Quan Le in 2017.