SCF provider Stenn Technologies has closed a $200 million receivables financing facility, expandable to up to $400 million, with New York-based Crayhill Capital Management. The funding is collateralised by Stenn's portfolio of short-term trade receivables. Goldman Sachs provided a committed senior credit facility against the portfolio in the initial amount of $175 million.
Stenn claims to have financed over $12 billion in invoices to date, with a special focus on SME suppliers in developing economies. Crayhill has been a long-term funder, with a relationship dating back to 2016.
"We are delighted to build upon our successful relationship with Crayhill and Goldman Sachs, " said Chris Rigby, CFO and CIO of Stenn. "We look forward to utilising this capital and Stenn's technology and risk management expertise to provide SMEs around the world with growth solutions."
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