UK-based financial services company Greensill Capital has received an additional funding of $655m from SoftBank Vision Fund.
The latest investment comes five months after SoftBank Vision Fund invested $800m in the company. Overall, Greensill has raised around $1.7bn in the last 14 months.
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Greensill plans to utilise the funds to step up its international expansion efforts as well as complement its product portfolio.
SoftBank Vision Fund manager Colin Fan said: “We believe Greensill is transforming global access to working capital through its innovative business model.
“By unlocking billions of dollars in supply chains around the world, we believe Greensill continues to play a pioneering role in working capital finance.”
Along with new funding, Greensill has acquired FreeUp, a local firm that is working on new technology that will allow workers to receive early payment for earned, but unpaid wages at zero cost.
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By GlobalDataThe addition of FreeUp technology would enable Greensill to expand services to workers, besides catering to company’s suppliers.
Greensill said: “Essentially, all workers are suppliers – supplying their employers with their time and skills.
“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.”
FreeUp is expected to pilot its product soon with a general roll out in the following few months.
Greensill operates as independent financial services firm offering working capital finance for companies globally.
