Building the Modern Infrastructure for Asset‑Backed Finance

Today we announced Fence’s $20M Series A, led by Galaxy Ventures, with continued support from our existing investors.

This is an important milestone for Fence. But the real significance of this round is not the capital itself. It is what it allows us to build for the clients, partners, and institutions working with us to modernize asset‑backed finance.

Asset‑backed finance is one of the most important markets in the world. It is the financing layer behind receivables, consumer loans, invoices, BNPL, auto loans, mortgages, credit‑card receivables, earned wage access, and many other assets that power the real economy.

And yet, the operational infrastructure behind this market still depends too heavily on manual work.

Facilities are often run across spreadsheets, PDFs, email threads, sampled reporting, delayed reconciliations, and fragmented service providers. The legal structure may be sophisticated, but the operating system behind it is often not.

That creates a real cost.

• When asset verification is periodic, lenders see problems late.
• When borrowing base calculations are manual, capital moves slowly.
• When cash reconciliation is delayed, borrowers carry idle capital.
• When covenant monitoring happens after the fact, capital providers operate with blind spots.
• When multiple parties each manage part of the workflow, the facility becomes slower, more expensive, and harder to scale.

For years, the industry has accepted a difficult tradeoff: capital providers want more control and transparency, but every additional requirement creates more operational burden for the borrower or originator.

Fence was built to eliminate that tradeoff.

What Fence does

Fence provides the software infrastructure to run asset‑backed finance facilities in real time.

Our platform verifies assets, calculates borrowing bases, tracks covenants, reconciles cash, enforces credit agreement rules, and automates capital movement.

Clients can use Fence for a specific role, such as Verification Agent, Calculation Agent, Collateral Agent, or Paying Agent. That modularity matters because financial institutions do not change their infrastructure overnight.

But the real power of Fence comes when those functions operate together.

The same data that verifies the asset should be the data that determines availability. The same rules written into the credit agreement should be monitored continuously. The same system that gives capital providers real‑time visibility should reduce the reporting burden for originators. The same infrastructure that reconciles cash should be able to move it.

Why this matters for clients

For originators and borrowers, better infrastructure means faster drawdowns, less manual reporting, lower operational burden, and more efficient use of capital.

For lenders and capital providers, it means real‑time transparency, better risk monitoring, continuous covenant tracking, and more confidence in the assets backing a facility.

For the market as a whole, it means asset‑backed finance can support shorter‑duration, higher‑velocity, and more operationally complex asset classes that legacy infrastructure was never designed to serve efficiently.

This is especially important as more credit moves into private markets and as asset originators expect financial infrastructure to behave more like software: always on, data‑driven, programmable, and auditable.

This is already in production

Fence is not a pilot or a sandbox.

Today, our platform supports almost $1.5B in assets under administration across live institutional facilities. In production, Fence has helped clients reduce cost of capital by up to 40% and operational overhead by up to 80%.

These results come from changing the mechanics of how a facility operates.

• When assets can be verified continuously, lenders can be proactive about risk management.
• When covenants can be tracked in real time, issues do not need to be discovered weeks later.
• When cash and collateral movement can be automated, drawdowns and repayments can happen faster.
• When the facility operates from a single source of truth, the entire structure becomes more efficient.

This is what we mean by rebuilding the infrastructure of debt capital markets.

What comes next

With this Series A, we will accelerate our expansion into the U.S. market, grow our New York‑based team, continue hiring across engineering and product, and deepen the infrastructure required to support the world’s leading capital providers and asset originators.

We will keep investing in automation, integrations, reliability, compliance, and institutional‑grade execution.

We will also continue building toward a future where more of the facility lifecycle can operate programmatically: asset onboarding, eligibility checks, borrowing base calculations, covenant tracking, cash reconciliation, capital calls, repayments, waterfalls, and reporting.

Our view is simple: the credit agreement should not just be a document people interpret after the fact. It should increasingly become a set of rules that the infrastructure can execute.

That does not remove institutions, lawyers, agents, lenders, or originators from the process. It gives them better tools, better controls, and better visibility.

Thank you

To our clients and partners: thank you for trusting Fence with real facilities, real capital, and real operational complexity.

To Galaxy Ventures, ParaFi Capital, Crane Ventures Partners, and everyone who has supported us: thank you for believing that asset‑backed finance deserves a new infrastructure layer.

To the Fence team: this milestone belongs to you. You have built a product that is already changing how complex financing facilities operate, and we are still early.

The next generation of debt capital markets will be real‑time, transparent, and programmatic.

Fence is building the infrastructure to make that future work.