London fintech secures £38m fairness funding to help commerce finance for SMEs

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A global fintech company headquartered in London has acquired from investment firm Centerbridge Partners, LP. secured a capital investment of £38m ($50m) valued at $900m.

The equity investment will be used to support marketing, product development and hiring of global talent.

Stenn leverages the digital economy and its tech stack to provide global SMEs engaged in international trade with rapid access to efficient growth capital. The company was founded in 2015 by serial entrepreneur Greg Karpovsky, who has over 20 years of experience in developing a new digital trade finance market.

SMEs conduct more than a quarter of world trade, but these companies have historically struggled to access finance, severely limiting their growth potential.

Stenn is able to provide cross-border capital to SMEs within 48 hours. This capital is provided by some of the world’s largest financial institutions, on whose behalf Stenn manages the allocation of funds.

Greg Karpovsky, Founder and CEO of Stenn said: “Lack of access to finance hampers the growth of SMEs around the world engaged in international trade.

“Our goal at Stenn has always been to level the playing field for global SMEs and help bridge a multi-trillion dollar funding gap by connecting these companies to low-cost institutional capital. Our proprietary platform and data analysis mitigates the process for our banking partners, providing a fast, simple and cost-effective solution for SMBs.

“We are pleased to be working with an investor of Centerbridge’s caliber and vision. Your funding will enable our next chapter of growth, allowing us to leverage our first mover advantage while meeting increasing customer demand as we grow our team and offering.”

Jed Hart, Co-Head of Centerbridge’s European business and Senior Managing Director, commented, “We have been impressed with Stenn’s pioneering approach to addressing the challenges of the global trade finance offering and believe Stenn has a highly scalable offering.”

Barclays Bank PLC, through its investment bank, acted as placement agent in connection with the offering. Latham & Watkins LLP and NautaDutilh acted as legal counsel to Stenn; Orrick LLP and Loyens & Loeff acted as legal counsel to Centerbridge.

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