Crayhill Capital Management closed a $200 million receivables financing facility with Stenn Technologies, a UK-based SME finance platform. The facility, which will initially be $200 million, expandable to up to $400 million, is collateralized by a diverse portfolio of high-quality, short-term trade receivables. Goldman Sachs provided a committed senior credit facility against the portfolio in the initial amount of $175 million.
Stenn's technology platform has financed over $12 billion in invoices to date, sourced from users across the globe. Its innovative origination, risk management and servicing platform sources and manages global receivables portfolios at scale with digital infrastructure.
The facility, which extends a successful financing partnership that Crayhill and Stenn established in 2016, is designed to expand Stenn's product offering and enable it to remain at the forefront of providing innovative working capital solutions to SMEs. The facility will provide financing to SMEs that sell goods and services to buyers domestically and internationally in over 70 countries.
The senior financing facility from Goldman Sachs extends an existing facility it has provided to Stenn and Crayhill since December 2021 to finance portfolios of trade finance receivables.
Raj Savai, Managing Director at Crayhill said, "We are thrilled to continue our long-standing partnership with Stenn by providing capital for this trade receivables portfolio. Stenn is the market leader in an underserved financial sector that has enormous unmet demand. Stenn's successful integration of cutting-edge technology to aid in their origination and risk management activities makes them an ideal partner to continue to invest and grow with in this space."
"With this facility, we are delighted to build upon our successful relationship with Crayhill and Goldman Sachs. We look forward to utilizing this capital and Stenn's technology and risk management expertise to provide SMEs around the world with growth solutions," commented Chris Rigby, CFO and CIO of Stenn. "This financing is an important step in our strategic plan for Stenn, and we appreciate Crayhill's support as their sector expertise, resources and shared appreciation of our vision for the company have made them an ideal capital partner for our business."
Crayhill Capital Management is a New York-based, minority-owned alternative asset management firm that specializes in asset-based investment opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets.