SoftBank’s Vision Fund invests $655m more in Greensill Capital

Photograph: Bloomberg

SoftBank Group Corp’s technology-focused Vision Fund has invested an extra $655 million in Greensill Capital to bolster the financing group’s global expansion.

The investment follows an initial $800 million in May and comes at a difficult time for Softbank after the recent collapse of plans to list another of its investee companies, shared-office provider The We Company.

Greensill, founded in 2011 by former banking executive Lex Greensill, works with global institutional investors and provides financing to more than eight million customers across 60 countries.

“We believe Greensill is transforming global access to working capital through its innovative business model,” said Colin Fan, managing partner of SoftBank Investment Advisers, manager of the SoftBank Vision Fund.

“By unlocking billions of dollars in supply chains around the world, we believe Greensill continues to play a pioneering role in working capital finance.”

The deal means Greensill has raised more than $1.7 billion from leading institutional investors, General Atlantic and SoftBank Vision Fund over the past 14 months.

A source close to Greensill said the new investment was in the form of convertible loan notes, which would be switched into primary and secondary shares over time.

Also on Monday, Greensill said it had agreed to buy London-based financial technology company FreeUp, which aims to let workers access wages they have already earned but which are yet to be paid.

“Essentially, all workers are suppliers – supplying their employers with their time and skills,” Chief Executive Lex Greensill said.

“There is effectively no difference between our firm making an early invoice payment and making an early salary payment.”

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.