back Back

Stenn completes a $50m equity funding round with a valuation of $900m

By Joy Dumasia

April 13, 2022

  • Assets
  • Cross Border Capital
  • Europe
Share

Stenn, the leading digital financing platform for global SMEs, announces the completion of a $50 million equity funding round with renowned US investor, Centerbridge at a $900 million valuation. 

Stenn leverages the digital economy and its unique tech stack to provide quick access to efficient growth capital for global SMEs engaged in international trade. The business was founded in 2015 by serial entrepreneur Greg Karpovsky, who has more than 20 years of experience pioneering a new market in digital trade finance. 

Research work with Accenture has shown that SMEs currently face a global financing gap sitting at $3.6 trillion. This is expected to rise to $6.1 trillion within the next three years. SMEs conduct more than a quarter of global trade, yet these businesses have struggled historically to access financing, severely restricting their growth potential. 

Since its inception, Stenn has provided over $6 billion of financing to SMEs in over 70 countries across a range of different sectors, from retail to IT services. The growth of the business has been exponential. To date, in 2022, its platform has financed over $1 billion of transactions. 

Stenn’s proprietary technology platform uses big data and tailored algorithms to analyse credit, fraud and compliance risks. Stenn is able to provide cross-border capital to SMEs within 48 hours. This capital is provided by some of the largest financial institutions in the world, with Stenn managing the allocation of funds on their behalf.  

Commenting, Greg Karpovsky, Founder and CEO of Stenn, comments: “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.” 

Jed Hart, Co-Head of Centerbridge’s European business and Senior Managing Director, adds: “We have been impressed with Stenn’s disruptive approach to addressing the challenges of global trade finance supply and believe that Stenn has a highly scalable proposition. We are excited to be partnering and supporting Stenn’s growth at an important time in its evolution and during a period of uncertainty in the world.” 

Previous Article

April 13, 2022

Banque Misr in Egypt automates trade finance with Finastra

Read More
Next Article

April 13, 2022

Wagestream announced the close of a $175m Series C funding round

Read More








IBSi Daily News Analysis

bahrain, islamic finance

April 17, 2024

Assets

Sovereign upgrades elevate Sukuk ratings; GCC debt markets on track to break $1tn barrier

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

5 FinTechs offering loans against investments in the UK

Read More

Today

ScotPac and APositive forges alliance across Australia and New Zealand

Read More

Today

Optasia enables micro lending in Liberia with MTN & UBA

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023