Case Study: BBVA x MTA

How Fence unlocked daily-repayment efficiency and real-time debt operations for My Triple A (MTA) and BBVA

The Deal

€7.5m senior tranche in an asset-backed revolving facility

The Capital provider

BBVA Spark - BBVA’s unit traditionally focused on Venture Debt, Growth Debt and Commercial Banking, now developing warehouse financing capabilities in partnership with Fence. Spark targets scalable, innovative technology-enabled high growth businesses

The Borrower

My Triple A - MTA is a fast-growing working-capital platform that purchases short-duration trade receivables from European SMEs, generating high-volume, low-ticket invoices that require daily settlement

What MTA gained

• €25,000 in direct savings thanks to automated daily repayments (≈ €2,750/month) rather than monthly sweeps

• Real-time visibility into repayment, LTV and borrowing-base metrics—no more waiting for month-end spreadsheets

• Zero-touch debt ops: full integration with MTA’s internal tools translates into facility management without Tech support

• Faster deal negotiation: Fence’s structuring approach Credit Agreement discussions and reduced legal back-and-forth

• No need to build a DCM team—Fence automates waterfall calculations, eligibility checks and investor reporting with minimal MTA involvement

What BBVA gained

• Code-enforced covenants and automatic daily cash sweeps gave BBVA real-time risk control and executional certainty

• 80 %+ reduction in back-office effort (payments, reconciliation, report generation) versus a manual setup

• Capital efficiency: instant waterfall distributions and daily amortisation minimise undrawn balances

The Challenge

MTA's fast turnover requirement

MTA’s underlying receivables turn over in weeks. Traditional monthly repayment schedules would have created high equity consumption, unnecessary idle capital and dragged on returns.

Complex operational setup and covenant stack

The borrowing base adjusts dynamically with collateral performance (LTV triggers, concentration limits, eligibility waterfalls). Manual Excel tracking would have been error-prone and resource-intensive.

Lean operations

MTA needed to scale without hiring a full Debt Capital Markets function or building internal tooling to operate this facility.

The Solution

Fence enabled and automated the asset-backed revolving credit facility

The Results

MTA and BBVA achieved unprecedented results, unlocked by the power of Fence's technology