Stenn International Ltd., a data and financial technology company that delivers innovative online solutions for buyers and sellers in the global supply chains, announced that it has closed a new $200 million financing facility from Crayhill Capital Management LP (“Crayhill”), a New York-based private credit manager and asset-based lender. The facility complements Stenn’s existing award-winning accounts receivable securitisation programme, which provides financing to companies engaged in international trade.
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The new programme, Stenn Direct Funding, carries a sizeable accordion feature and is structured to ease access to working capital for new and existing clients via Stenn’s online funding technology. This new facility will help provide liquidity and cash flow management to global companies affected by the coronavirus pandemic.
Founded in 2015, Stenn provides agile financing for international trade across a range of industries, helping to address the $1.5 trillion ‘trade finance gap’ identified by the International Chamber of Commerce as a significant unmet need in global trade financing.
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Greg Karpovsky, Founder of Stenn, commented: “We are delighted to deepen our financing partnership with Crayhill at a time when companies trading internationally urgently need access to liquidity to resume trade. Stenn is uniquely positioned to support its global client base at this time. Our long-term strategy is to expand our client base and global footprint by building scalable digital funding solutions and forging strong relationships with capital partners like Crayhill.”
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