SoftBank Vision Invests $800Mn in UK Fintech Greensill

Tuesday, 14 May, 2019 - 10:15 -

SoftBank Vision Invests $800Mn in UK Fintech Greensill

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The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Reuters
London - Asharq Al-Awsat
SoftBank Vision Fund is investing $800 million into UK Fintech Greensill, a vote of confidence to the UK financial sector that is trying to overcome Brexit challenges.

Greensill, which provides supply chain funding to companies, said it plans to use part of the money to accelerate its recent entry into Brazil as it advances plans to enter other markets, including China and India.

The investment from the Vision Fund, one of the world’s biggest technology investment vehicles, which has Saudi Arabia’s backing, comes months after it invested $390 million in British banking start-up “OakNorth.”

Bloomberg reported Sunday that the latest round of fundraising valued Greensill at $3.5 billion.

Greensill, co-founded in 2011 by ex-Morgan Stanley banker Lex Greensill, is taking on traditional banks, which typically offer working capital finance to a limited number of large clients in 60 countries.

Based on the report, that’s more than double the level of almost a year ago, when the firm received $250 million from General Atlantic LLC.

Greensill declined to comment, while SoftBank couldn’t immediately be reached for comment.

A source at Greensill estimated the largely untapped market for working capital finance at $55 trillion. He added that the money from Vision Fund will help Greensill accelerate its expansion and develop new technologies to make more capital accessible to its clients.