Stenn, a digital financing platform for global SMEs, has secured $50m from an equity funding round with US investor Centerbridge to hit a valuation of $900m.
Based in the UK, Stenn claims it provides fast, innovative financing to fill in the funding gaps that arise in international supply chains, solving the working capital needs of suppliers, intermediaries, and buyers of goods.
Since it was founded in 2015, Stenn has provided over 6bn of financing to SMEs across more than 70 countries over a wide range of different sectors. To date, the compnay’s platform – which uses big data and tailored algorithms to analyse credit, fraud and compliance risks – has financed over $1bn of transactions.
Stenn CEO and founder Greg Karpovsky said, “A lack of access to finance is stunting the growth of SMEs around the world that are engaged in international trade. At Stenn, our purpose has always been to level the playing field for global SMEs, helping to plug a multi-trillion-dollar financing gap by connecting these businesses with low-cost institutional capital. Our proprietary platform and data analysis de-risks the process for our banking partners and provides a quick, simple and low-cost solution for SMEs.
“We are excited to be partnering with an investor of Centerbridge’s calibre and vision. Their funding will enable our next chapter of growth, allowing us to capitalise on our first-mover advantage whilst continuing to meet surging customer demand as we scale our team and proposition.”
Copyright © 2022 FinTech Global