London fintech Stenn bags $50m as it looks to fill funding gap for trade SMEs
A London based financing fintech has bagged a $50m injection today as it looks to fill a funding gap for smaller trade-focused firms.
The fresh round for Stenn, which helps smaller trade firms access growth capital, was led by US backer Centrebridge and sends its valuation soaring to $900m.
Bosses said the cash will now fuel the firm’s next stage of growth.
“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,” said Greg Karpovsky, Founder and CEO.
Karpovsky said a lack of access to growth capital was stunting the growth of SMEs around the world.
Research by consultancy Accenture has revealed a $3.6tn dearth of SME funding with predictions that the gap could balloon to $6.1tn in the next three years.
Centerbridge said it had backed the firm at a difficult time for smaller businesses.
“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,” said Jed Hart, Co-Head of Centerbridge’s European business.
“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.”