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SoftBank Pumps $800M in British Fintech Firm Greensill
FinTech, Financial Services
Masa sure doesn’t mess around when it comes to investment size.
SoftBank Vision Fund is injecting $800 million into U.K. fintech Greensill, according to a person familiar with the matter.
The investment values Greensill, which provides alternative supply chain funding to companies, at $3.5 billion, the person said. 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.
Greensill was co-founded in 2011 by former Morgan Stanley banker Lex Greensill, U.S.-based entrepreneur John Gorman, and erstwhile Morgan Stanley legal counsel Jason Austin. It’s been posting triple-digit annual growth rates since 2015 and it’s currently eyeing entry into China and India.
The company estimates that the “largely untapped” working capital market to be at $55 trillion, and it plans to use the Vision Fund cash to speed-up its expansion and develop new technologies.