Greensill, a UK-based supplier of alternative supply chain finance, is targeting the Latin American market following the acquisition of Colombian SME digital lender Omni.
Greensill, which has secured hundreds of millions of dollars in backing from SoftBank Vision Fund, has built up its business by letting suppliers get early payments from clients in return for a small discount on the price.
The firm says the market for working capital finance in Latin America is worth $750 billion and the addition of Omni’s platform and growing portfolio of products and clients will result in a "step-change" in Greensill’s capabilities in the region.
Omni provides digital working capital solutions to SME suppliers of large companies in Chile and Colombia, providing $300 million over three years to more than 5000 clients.
Lex Greensill, CEO, Greensill, says: "Latin America is a highly attractive growth market for us and the acquisition of Omni will significantly expand our capabilities in this important region."