LONDON--(BUSINESS WIRE)--Citigroup Inc. (NYSE: C)
Citi has announced that it has started working with Stenn, a global platform providing SME funding, as part of the expansion of its global trade payables finance product suite to include deep-tier supplier financing; helping to provide access to funding across global supply chains.
Stenn’s online platform provides SMEs with financing opportunities to help support their international trade. The offering will cover onboarding, compliance, risk management, and potential financing for a large universe of deep-tier suppliers.
Historically, deep-tier suppliers have had less access to credit as they are typically SMEs. Financing options available in the market have been limited or may come at a high cost.
The offering extends the benefits of Citi’s Supply Chain Finance programs by providing financing to the suppliers of the supplier, which has previously been an underfinanced area; ultimately completing the client value chain. Deep-Tier Supplier Financing will also help deliver growth to the economies whereby financing is made available directly to the manufacturer of goods, as well as to the deep tier suppliers.
Chris Cox Head of Trade and Working Capital, Treasury and Trade Solutions, Citi, commented: “Deep Tier Supplier Financing provides our clients with solutions that can further strengthen relationships with suppliers and help to improve the resilience of supply chains, by working to providing access to attractive financing. With Stenn, we believe we can provide further sustainability and visibility to our clients’ supply chains, by bringing financing to the last mile supplier. Citi remains committed to servicing the end-to-end needs of our clients as frictionlessly as possible as the global trade landscape evolves. Developing these offerings with fintechs like Stenn helps deliver that capability.”
Greg Karpovsky, CEO, Stenn commented: “The pairing of Stenn’s scalable & digital platform with a financial giant like Citi is a major step forward, in helping to provide more SMEs with virtually seamless access to affordable finance to support their international trade. SMEs reportedly face a financing gap of $3.7 trillion. To date, Stenn has issued over $5 billion of finance to SMEs in over 70 countries. Working with Citi is a significant milestone in helping struggling SMEs in a global post-pandemic trade environment.”
About Citi’s Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: https://blog.citigroup.com/ | Facebook: www.facebook.com/citi | LinkedIn:www.linkedin.com/company/citi
Stenn is one of the top fintechs in Europe. Founded in 2015, Stenn’s purpose is to connect international SMEs to the global financial system, helping to bridge a reported $3.7 trillion financing gap through a fast, simple, online platform. To date, Stenn has issued over $5 billion (USD) of finance to SMEs in over 70 countries globally, with capital provided by a number of global blue-chip banks and institutional fund managers.