Stenn Financial, an invoice financing firm, has launched a US$300mn fund to tap the manufacturing hubs of emerging Asia that are “pretty much untouched by banks”.
The UK-based company, with an office in Singapore, has combined its own capital with that of alternative asset manager Crayhill Capital Management to launch a platform for acquiring 120-day trade receivables from SMEs in China and Southeast Asia.
The launch comes at a time when many traditional financial institutions are vacating the space as they de-risk their balance sheets and focus their resources on core sectors and geographies. The short-term funding is designed to free up capital for these manufacturers, typically in the consumer goods space, to continue meeting orders from large retailers in the west.
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