Citi has formed a new partnership with SME funding platform Stenn as part of plans to promote deep tier supplier financing.

The bank said it is working with the global FinTech to help “close the financing gap” faced by many international small and medium sized businesses.

The move forms part of Citi’s expansion of its global trade payables finance product suite to include deep-tier supplier financing; helping to provide access to funding across global supply chains.

The Stenn online platform aims to support SMEs with financing opportunities in their international trade. The new offering will cover onboarding, compliance, risk management, and potential financing.

Citi said that historically deep-tier suppliers have had less access to credit as they are typically SMEs, adding that financing options available in the market have been limited or may come at a high cost.

“Deep Tier Supplier Financing provides our clients with solutions that can further strengthen relationships with suppliers and help to improve the resilience of supply chains, by working to providing access to attractive financing,” said Chris Cox, head of trade and working capital, treasury and trade solutions, Citi. “With Stenn, we believe we can provide further sustainability and visibility to our clients’ supply chains, by bringing financing to the last mile supplier.

"Citi remains committed to servicing the end-to-end needs of our clients as frictionlessly as possible as the global trade landscape evolves. Developing these offerings with fintechs like Stenn helps deliver that capability.”

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