Stenn has secured participation from Barclays, Coface, and Crayhill Capital Management in the latest funding round for its core trade financing programme Stenn Assets Funding, which is now worth $500 million.

The new investors join existing financing providers Natixis - also the arranger of the programme - NN Investment Partners and M&G.

The money will support the online trade finance scale-up's continued growth in cross-border trade finance, and follows a $200 million programme which closed on 11 May, backed by Crayhill, to expand its digital trade finance services and further support companies in boosting their international trade flows.

With this added capacity, Stenn stated that it is positioned to offer greater numbers of businesses access to fast and flexible cross-border trade finance at a time when working capital is critically scarce.

Founded in 2015, Stenn provides digital financing for buyers and sellers in global supply chains. Amounts up to $15 million may be funded and managed online, with larger amounts available on request; speeding up access to capital to fund cross-border transactions.

Founder Greg Karpovsky commented: "We’re seeing supply chains at risk of breaking down due to the Coronavirus pandemic - companies had to deplete liquidity reserves to get through lockdown and are now in need of working capital to reignite their business.

"This funding comes at a crucial time for the firms we support and the participation of such high-quality investors in this programme expansion affirms our strategic vision to inject liquidity into global supply chains," he continued, adding: "Together with our recently-announced Stenn Direct Funding programme, we are exceptionally well-positioned to help our clients boost their international trade flows and accelerate the global recovery.”

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