London fintech company secures $200m for new funding programme
A London fintech company has announced that it has secured a $200m financing facility from an American lender.
Stenn International, which specialises in online solutions for buyers and sellers, received the facility from Crayhill Capital Management, which is a private credit manager and asset-based lender in New York.
The company will use the facility to complement its accounts receivable securitisation programme, which provides financing to companies engaged in international trade.
The new programme, Stenn Direct Funding, is structured to ease access to working capital for new and existing clients via Stenn’s online funding technology.
Stenn has said that the new facility will help provide liquidity and cash flow management to global companies affected by the coronavirus pandemic.
Greg Karpovsky, founder of Stenn, commented: “We are delighted to deepen our financing partnership with Crayhill at a time when companies trading internationally urgently need access to liquidity to resume trade.
“Stenn is uniquely positioned to support its global client base at this time.
“Our long-term strategy is to expand our client base and global footprint by building scalable digital funding solutions and forging strong relationships with capital partners like Crayhill.”
Josh Eaton, managing partner of Crayhill, said: “We are pleased to expand upon and strengthen our partnership with the Stenn team.
“The company is financially strong and rapidly growing, with an eye on innovation both in their capital programmes and service delivery.
“The Stenn Direct Funding programme bolsters Stenn’s market-leading position in international trade finance.”
Chris Rigby, global head of finance and capital markets at Stenn, added: “This new asset-backed programme provides Stenn with considerable incremental financing capacity on a committed basis, while serving to expand significantly Stenn’s product suite and jurisdictional reach.
“The programme itself is highly flexible and provides Stenn with a scalable and user-friendly direct route to market over the long-term.
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