Fence, a Spanish fintech that develops software for the automation and optimization of debt operations for asset financing, raises €1.8 million in its pre-seed financing round. The operation has been led by Semantic.vc with the participation of VCs Crane Earth, Actyus and prominent business angels, including Hardi Maybaum, Mark Ransford, Didier Valet, Luca Ascani, Baptiste Cota, Paula Blázquez, Eduardo Salvo and Alexandra Piedrahita, in addition to the founders of Cobee, Wallapop and Glovo, among others.
This round has been oversubscribed reaching 4 million commitments. This high level of investor interest is a positive sign for Fence and its prospects. With the fresh capital, Fence will continue to invest in development and technology, as well as expand its operations to serve more banks, private debt funds and fintechs across Europe. To meet its ambitious global expansion plans, Fence will double its team – based in Madrid – before the end of the year.
Founded in 2023 by Juan Montero, Ignacio Rosario and Gonzalo Bandeira, Fence positioned itself as a unique player to transform debt management, and in just a few months it was the platform chosen to carry out the recent financing agreement of up to €20 million between BBVA Spark and Payflow.
“At Fence we use blockchain smart contracts to automate capital and asset transfers,” said Juan Montero, CEO of Fence. “These smart contracts also guarantee compliance with specific clauses of credit agreements, such as the concentration limits of the financed portfolio. Our mission is to make it possible for companies to integrate debt into their technological stack, allowing them to automate its management, something essential in an increasingly digitalized world.”
Fence has designed an innovative and efficient technological solution that materializes in a SaaS platform designed to automate debt management for asset financing. Thanks to Fence and its integration via API (Application Programming Interface), investors can access information on debt updated in real time, which improves decision-making. In addition, financed companies save up to 80% of the usual costs in this type of operations, thanks to the automation of operations, payments and reporting to investors.
“Fence’s impact on debt management is impressive, and I can say that it is the first time I have seen blockchain providing real value,” commented Benoit Menardo, co-founder of Payflow. “Thanks to Fence, we can access debt on demand, allowing us to save more than 25% in interest. In addition, the automation of reconciliation allows us to comply with the information and payment schedule requirements for investors without expanding the team, which “It means savings of up to 80% in operating costs.”
Read the orginal article: https://www.eu-startups.com/2023/11/madrid-based-fence-raises-e1-8-million-to-automate-debt-operations-with-blockchain-management-platform/
