LONDON, Dec. 5, 2019 /PRNewswire/ -- UK-based Stenn, a leading provider of cross-border trade finance, has closed a significant upsizing to its asset-backed financing programme. Stenn has now invested well in excess of $1bn in support of its clients' global trade activities.
The latest funding round doubles Stenn's credit capacity and enables it to provide a greater number of businesses with faster access to trade financing than the traditional banking sector. Stenn currently serves over 70 countries and aims to expand to 120 in total, enabling it to support territories contributing 90% of global GDP. The firm already has 17 offices positioned around the world, headquartered from its base in London.
Founded in 2015, Stenn [https://stenn.com/] provides agile and flexible financing to global buyers and suppliers, from a range of industries under-served by the traditional banking industry, helping to unlock capital in the supply chain. In this way, Stenn aims to address the $1.5 trillion 'trade finance gap' identified by the International Chamber of Commerce as the unmet need for global trade financing.
Greg Karpovsky, Founder of Stenn, commented: "Bank support for international commerce is limited. The trade war is also having a disconcerting impact both on global business confidence and general market conditions. In this environment Stenn allows companies to adjust their strategies without being constrained by funding. Doubling our credit capacity will enable us to help greater numbers of businesses with access to fast and flexible cross-border trade finance. We have experienced rapid growth since we launched in 2015 and are excited to continue on this trajectory."
Chris Rigby, Global Head of Finance & Capital Markets at Stenn, commented: "Building on the completion of Stenn's inaugural receivables securitisation in July 2019, we are delighted to have secured a doubling of the programme's capacity within just four months. At the same time, we have succeeded in broadening our investor base with top-tier financial institutions and have created an efficient and innovative financing architecture to support the rapid future growth of the company.
"The support of our financing partners Crayhill Capital Management, Natixis, NN Investment Partners and, most recently, M&G Investments has been instrumental in helping us achieve this outcome and furthers our aim to be a leading global alternative finance company."
Matthew O'Sullivan, Head of Asia-Pacific Origination at M&G Investments, commented: "We are excited to be working with Stenn, an innovative business that provides finance solutions to companies with cross-border trade activities. This investment offers M&G a greater platform to work with Asian companies with international businesses."
Stenn International Ltd. is a UK-based, non-bank trade finance provider specialising in cross-border trade. Stenn's trade finance solutions are comprehensive and can be combined to cover the entire supply chain from purchase order to delivery of goods. Innovative practices allow Stenn to finance in sectors and geographic regions currently underserved in global trade. The company operates globally with offices in Buenos Aires, Los Angeles, Dallas, New York, Miami, London, Amsterdam, Dusseldorf, Berlin, Mumbai, Chennai, Singapore, Hong Kong, Guangzhou, Hangzhou, Suzhou, Shanghai and Qingdao. Learn more at https://stenn.com [https://stenn.com/] or follow us on Twitter [https://twitter.com/Stenn_Intl], LinkedIn [https://www.linkedin.com/company/stenn-financial-services/] and Facebook [https://www.facebook.com/StennIntl/].
CONTACT: Hannah Kolarski-Daniels, Rachel Harrison, firstname.lastname@example.org, +44(0)2076936999
Web site: https://stenn.com/