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Industry roundup: 4 June

Stenn trade finance programme hits US$500m with new investors

Online trade finance scale-up Stenn has secured participation from Barclays Bank, Crayhill Capital Management, and Coface in its latest investment round. The funding is for its core trade financing programme, Stenn Assets Funding, now sized at half a billion dollars. The two investors and the insurance provider have joined Stenn’s financing programme alongside existing financing providers Natixis, which is also the arranger of the programme, NN Investment Partners, and M&G. The investment supports Stenn’s continued growth in the field of cross-border trade finance.

The latest investment round is the second in less than a month for Stenn. The company closed a new US$200m programme on May 11 from Crayhill, a New York-based private credit manager and asset-based lender, in order to expand its digital trade finance services and further support companies in boosting their international trade flows.

With this added capacity, the company says is positioned to offer greater numbers of businesses access to cross-border trade finance at a time when working capital is scarce. Stennprovides fully digital financing for buyers and sellers in global supply chains. Amounts up to US$15m may be funded and managed online, with larger amounts available on request, speeding up access to capital to fund cross-border transactions.

 

Mastercard announces Fintech Express programme for European startups 

  • Mastercard has launched Fintech Express in Europe, a programme designed to facilitate emerging fintechs’ launch and expansion. The card giant says the programme includes:
  • Access: obtaining a Mastercard License and accessing the global payments company’s network through a streamlined onboarding process
  • Build: becoming an Express Partner by building technology alliances.
  • Connect: connecting with qualified Express Partners and going live with Mastercard in a matter of days.

The programme supports digital payment innovators by making it simple to collaborate with Mastercard and its partners to launch new fintech products. It is designed for fintechs looking to add payment solutions to their suite of products, startups looking at serving a new segment as well as established players with ambitions to innovate through partnerships.

The programme falls under the umbrella of Mastercard Accelerate, the firm's overarching fintech platform that gives start-ups and emerging brands support and assistance for every stage of their growth and transformation, from market entry to global expansion. Mastercard Accelerate is comprised of four main programmes: Fintech Express, Start Path, Engage and Developers.

 

SoftCo launches AP automation solution

SoftCo, a global software provider, has launched its latest accounts payable (AP) automation solution, SoftCo ExpressAP. The solution is designed to deliver 100% non-touch invoice processing, supports remote working, and reduces operational costs by 80%.

The vendor says SoftCo ExpressAP is quick to set up, with no upfront costs and an unlimited number of users. It is charged on a monthly basis and for a limited time and also includes a 60-day free trial.  The solution automates vendor invoice processes including capture, registration, coding, approval, query, vendor management, reporting, and export to the customers’ ERP system.

The solution is designed to automate manual AP processes, eliminate costs, provide full visibility and control, meet compliance obligations, and help organisations to improve their cashflow.

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