Citi has joined forces with fintech Stenn to cover the 'last mile' of supply chain finance provision to the very smallest firms in corporate supply chains.
The two firms spoke about their co-operation at Working Capital Forum Europe, alongside existing Citi client Pepco, which is considering using such a solution.
Citi, along with other major banks, often hits regulatory and risk barriers to proving finance to the very smallest firms. Stenn has developed a process in which buyers are underwritten based on financial statements, external credit references such as D&B, Tinubu, Coface DRA, Euler an d AIG, and their own payment experience. Where published financials are less available, credit insurance is used to cover the gap. Stenn claims its platform processes onboarding, compliance (KYC/AML) and risk management within 48 hours.
© Adaugeo Media Ltd