Fintech firm scales up operations to $500m financing with new investors
A London-headquartered online trade finance firm has upsized its core finance programme to half a million dollars thanks to new investment.
Trade finance scaleup Stenn has closed its latest investment round with participation from Barclays Bank, Coface SA, and Crayhill Capital Management LP
Founded in 2015, Stenn provides fully digital financing for buyers and sellers carrying out cross-border transactions across global supply chains.
This latest investment round marks the second in less than a month for the company, which closed a $200m round in May led by New York-based private credit firm Crayhill, with the firm’s core trade financing programme, Stenn Assets Funding, now sized at half a billion dollars.
Greg Karpovsky, founder of Stenn, commented: We’re seeing supply chains at risk of breaking down due to the coronavirus pandemic. Companies had to deplete liquidity reserves to get through lockdown and are now in need of working capital to reignite their business.
“This funding comes at a crucial time for the firms we support and the participation of such high-quality investors in this programme expansion affirms our strategic vision to inject liquidity into global supply chains.
“Together with our recently-announced Stenn Direct Funding programme, we are exceptionally well-positioned to help our clients boost their international trade flows and accelerate the global recovery.”
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