Whatever Happened to Stenn International?
Stenn International entered administration in December 2024 after deploying over $10 billion in trade finance since its founding in 2015. The London-headquartered fintech provided cross-border invoice finance and supply chain financing to SMEs in 74 countries. Its collapse was one of the largest UK fintech failures since Greensill. More detail + scope
This page covers
Stenn history, what went wrong, impact on customers, the domain opportunity
Not covered here
General trade finance guidance (see /guides/export-invoice-finance/)
Stenn International entered administration in December 2024 after deploying over $10 billion in trade finance globally. Founded in 2015 and headquartered in London, Stenn was one of the UK's largest non-bank trade finance providers, serving SMEs in 74 countries. The collapse was covered extensively by the BBC, Financial Times, and Reuters.
What Stenn Did
Stenn operated in the cross-border trade finance space - specifically, it bought international invoices from exporters at a discount, giving them immediate cash while waiting for overseas buyers to pay. This is a form of export factoring but focused on emerging markets and smaller exporters who couldn't access traditional bank facilities.
The model worked while funding flowed. Stenn raised significant institutional backing and processed billions in transactions. But questions about the sustainability of its funding model and the quality of its receivables book led to its unravelling in late 2024.
Impact on UK Businesses
UK exporters using Stenn for international invoice finance needed to find alternative providers quickly. The main options for export factoring in the UK are:
- Bibby Financial Services - export factoring to 80+ countries
- HSBC - best for Asia and Middle East (62 countries)
- Close Brothers - export to 60+ countries
- Accelerated Payments - fintech alternative covering 45 countries
Founder & Managing Director, Muswell Rose, founder and PSC of Best Business Loans Ltd
Adam is the founder and managing director of Muswell Rose and a founder of Best Business Loans Ltd, the company behind Market Invoice. He spent over three years as managing director of Penny, a UK invoice finance business, and his career runs through insurance, mortgages, commercial finance and fintech lending. He writes the Market Invoice library.
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