Case Study: BBVA x MTA

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

MyTripleA (MTA) — 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/year 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 Credit Agreement structuring approach eased 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 a few weeks/months. Traditional monthly repayment schedules would have created high equity consumption, unnecessary idle capital and drag 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

Step	Automation Highlight
Digital Credit Agreement	All covenants encoded in platform; BBVA sees real-time compliance
API Integration	Fence ingests MTA’s receivable data directly from its internal system; no batch files
Dynamic Borrowing Base	Eligibility, LTV and concentration checks recomputed every time new receivables are posted
Daily Repayment Engine	Smart contracts initiate repayment daily; €25k savings through daily amortization; increases capital consumption through immediate cash recycling
Instant Reporting	Covenant dashboards and investor packs generated on-demand; auditors receive read-only access
Asset Simulation	MTA simulates asset eligibility before purchase to understand borrowing base increase

The Results

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

Metric	Pre-Fence	Post-Fence
Cash idle between sweeps	30 days	0–1 day
Interest expense	Baseline	-€25k/year in savings
Back-office hours/month	~40 h	<5 h
Time to generate BBVA reports	~2–3 days/month	Real-time, automated