SoftBank tapped into its gigantic Vision Fund for a second time this year to support Greensill, the business financing company.
Having already secured $800m from SoftBank in May, Greensill now has the financial muscles to speed up its global rollout thanks to another capital injection from the investor. This time, SoftBank has added $655m to its war chest.
Apart from accelerating its international expansion, Greensill will also use the money to finance strategic acquisitions of complementary businesses.
Along this vein, Greensill also announced the acquisition of FreeUp, a London-based company developing technology to enable workers to receive early payment for earned, but unpaid, wages at zero cost to the employee. Through this latest addition, Greensill is poised to be able to provide early payment programmes to client companies’ workers.
“Essentially, all workers are suppliers – supplying their employers with their time and skills,” said Lex Greensill, founder and CEO of Greensill. “There is effectively no difference between our firm making an early invoice payment and making an early salary payment.
“With the IP we are acquiring from FreeUp along with our own technology and expertise, our global network of clients and the financial support of SoftBank Investment Advisers, manager of the SoftBank Vision Fund, we see the potential to revolutionise the way workers are paid around the world. Why shouldn’t they get paid as soon as they earn a salary, rather than waiting to be paid weekly, fortnightly or monthly? Especially when this won’t cost the employee anything.
“This is just another example of how our partnership with SoftBank Investment Advisers and General Atlantic is proving incredibly valuable to Greensill, its clients, their suppliers – and now their employees.”
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