Digital Banking
Citi partners with Stenn to offer deep-tier supplier financing
March 29, 2022
Citi is partnering with Stenn, a platform for small-to-medium enterprise funding, to offer deep-tier supplier financing. Stenn's platform will provide onboarding, compliance, risk management and potential financing to support SMEs with international trade, according to a press release.
Citi plans to use this partnership to offer financing options to deep-tier suppliers like SMEs that are traditionally not able to gain access to as much credit.
"Deep Tier Supplier Financing provides our clients with solutions that can further strengthen relationships with suppliers and help to improve the resilience of supply chains, by working to providing access to attractive financing," Chris Cox, head of trade and working capital, treasury and trade solutions, Citi, said in the release. "With Stenn, we believe we can provide further sustainability and visibility to our clients' supply chains, by bringing financing to the last mile supplier. Citi remains committed to servicing the end-to-end needs of our clients as frictionlessly as possible as the global trade landscape evolves. Developing these offerings with fintechs like Stenn helps deliver that capability."
