Supply chain finance platform Greensill has received $250m from General Atlantic, valuing the company at $1.64bn.
Greensill is a non-bank provider of working capital to businesses which allows them to offer suppliers faster payments. The company has provided more than $40bn of financing across 50 countries and facilitated payments to 1.5 million suppliers.
Founded in 2011, the company is headquartered in London and has offices in New York, Chicago, Miami, Frankfurt, Johannesburg, and Sydney.
Capital from the round will be used to further expansion by building new partnerships with global corporates, deepen its current client relationships, and further invest into its technology.
Firm managing director and head of EMEA said, “Greensill is a leader in its field and has developed an innovative and attractive service that provides the market with highly sought-after yield opportunities. With its fully integrated technology and funding solutions, the company has a competitive advantage in the underserved supply chain finance market, where $3.5tr of working capital is locked up at any given moment.”
General Atlantic recently co-led the $200m Series E round of AI-powered cybersecurity platform CrowdStrike. The company leverages AI technology to help prevent digital attacks at a company’s endpoint.
Last month, the firm led the $50m Series E financing of personal finance app SigFig, which raised the capital to accelerate the company’s investment into technology.
General Atlantic is largely an evergreen fund investment house, but in April hit a $3.3bn final close for its third closed-ended private equity fund.
Copyright © 2018 FinTech Global
