LONDON, Sept. 17, 2026 — Tenka, the liquidity platform for asset-backed finance, has closed a pre-seed round led by Maven 11, with participation from Gami Capital and several angel investors. The funding will support the build-out of market infrastructure connecting the origination, placement and trading of asset-backed finance instruments, pairing structured book-building with the foundations of an active secondary market.
Asset-backed finance funds everyday economic activity, from consumer loans and business receivables to equipment leases. Tenka says private credit faces a liquidity problem: investors seeking to exit before maturity typically rely on bilateral sales or fund-level redemptions, and recent moves by large private credit managers to cap or reshape withdrawals have highlighted the gap between receiving capital back over time and being able to exit when needed. Fund-level liquidity, the company notes, remains constrained by available cash and redemption terms.
“Asset-backed finance funds the real economy. We’re building the infrastructure to connect it with more investors and develop a secondary market that provides better options for investors looking to exit,” said Emile Dubié, CEO of Tenka.
How Tenka will connect asset-backed finance origination and secondary trading
At origination, Tenka plans to use structured book-building to bring investors together around each transaction’s risk, return and duration, with consistent collateral information and clearly defined terms intended to support more efficient underwriting. Working with Tranched’s onchain securitisation expertise, Tenka combines ongoing collateral reporting, independent valuation and efficient settlement so a prospective buyer can price an exposure without reconstructing it from scratch.
“Private credit struggles with illiquidity more than asset quality. LPs are locked in for long durations and originators cannot recycle capital. Tenka opens a form of capital formation that did not exist for originators, allowing them to find untapped pools of capital directly onchain. For investors, it unlocks liquidity through the formation of a secondary market, so new investors can buy into opportunities and existing investors gain more flexibility with their strategies,” said Alexander Essle, Principal at Maven11.
Tenka aims to connect investors with different liquidity needs and horizons, allowing exposure to change hands without changing the maturity of the underlying assets. For example, an investor in a pool of equipment loans may need liquidity before those loans repay, while another investor may be willing to hold that exposure if credit quality, duration and price meet its mandate. Tenka’s secondary market seeks to link the two without requiring borrowers to repay early or the fund to finance the exit.
The platform is scheduled to launch later this year. Tenka says the objective is not to turn long-duration assets into short-term ones but to create a credible route to liquidity by enabling investors to transfer exposure; liquidity will depend on buyer demand and price, and an exit at net asset value is not guaranteed.
About Tenka
Tenka builds institutional dealing infrastructure for asset-backed finance, connecting originators, investors and liquidity providers in a single permissioned marketplace with independent valuation, consistent reporting and onchain settlement.
