Citi is working with SCF platform Stenn to offer deep-tier financing to smaller firms in its clients' supply chains. Citi described the move as part of an expansion of its global trade payables finance product suite to cover onboarding, compliance, risk management, and potential financing for deep-tier suppliers.
Chris Cox, head of trade and working capital, treasury, and trade solutions at Citi, said, ‘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. Developing these offerings with fintechs like Stenn helps deliver that capability.’
Greg Karpovsky, CEO at Stenn, described the Citi partnership as, ‘A significant milestone.’
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