We’re delighted to announce that we have reached yet another milestone in our growth journey, hitting $7 billion (USD) worth of invoices financed through our platform to date.
This achievement underlines the rapid progress that we’ve made as we support SMEs around the globe. Through our digital platform, we’ve helped all kinds of importers and exporters across more than 70 geographies solve their cash flow issues, enabling their growth. Our proprietary technology delivers a fast and flexible solution to help level the playing field for global SMEs.
It’s been a ground-breaking year for Stenn. After being included as the 8th fastest-growing business in the fintech category in the prestigious FT1000 list and reaching $6 billion only a few months ago, we have now financed $2 billion (USD) worth of invoices in 2022 alone. This news comes shortly after we secured a $50 million (USD) equity investment from Centerbridge Partners at a $900 million (USD) valuation. Their funding will enable us to accelerate our growth as we scale our team and proposition.
We have also welcomed CitiGroup to our platform, which joins HSBC, Barclays and other leading institutions that use Stenn technology to provide capital to SMEs. Despite the progress we’ve made this year, access to capital for SMEs engaged in international trade is limited and a $3.6 trillion (USD) financing gap remains. Our mission is to help close that gap and we’re confident in our ability to achieve this.
CEO, Greg Karpovsky commented: “I want to take this opportunity to thank everyone at Stenn for all their hard work in achieving yet another significant milestone. This continued growth would not be possible without the unwavering support from our people, partners, investors, and customers. So far, 2022 has been an extraordinary year for Stenn and I am very excited for what the future holds.”