SoftBank injects $655m into Greensill to support tech acquisition
Japanese financial giant SoftBank is planning a $655 million injection into UK-based supply chain finance firm Greensill, after already pumping $800 million into the firm back in May.
Greensill, founded in 2011 by former banking executive Lex Greensill, provides financing for corporates and suppliers, and claims more than eight million customers across 60 countries.
The fresh investment was triggered by Greensill’s acquisition of technology firm FreeUp, a London-based company founded by tech entrepreneurs Reuben Saxon, Marta Krupinska and David Townsend.
While Greensill currently enables a company’s suppliers to secure early payments to cover late invoices, its integration of FreeUp would allow it to offer workers early pay from their employers.
“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,” says Lex Greensill.
“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.”
Greensill has raised more than $1.7 billion from investors in the past 14 months from both SoftBank and General Atlantic.