SoftBank’s Vision Fund invests US$800mil in Britain’s Greensill

  • Business
  • Tuesday, 14 May 2019

"The objective of the fund is to facilitate the continued acceleration of the AI revolution through investment in market-leading, tech-enabled growth companies," the Japanese tech conglomerate said in a statement, adding it was still talking to more potential investors and that the fund was expected to grow.

BENGALURU: Financing group Greensill Capital has confirmed SoftBank Group Corp’s Vision Fund has invested US$800mil in the British company, a vote of confidence in the UK finance sector that has been navigating Brexit challenges.

Greensill, which provides supply chain funding to companies, said it plans to use the funding in part to accelerate its expansion into Brazil and enter markets like China, India, as well as tap into the working capital finance sector.

The investment from the Vision fund, which is one of the world’s biggest technology investment vehicles and has Saudi Arabia’s backing, comes months after it invested US$390mil in British banking start-up OakNorth.

Bloomberg on Sunday had reported that the latest round of fundraising valued Greensill at US$3.5bil.

Greensill, founded in 2011 by former banking executive Lex Greensill, works with global institutional investors and provides financing to more than 8 million customers across 60 countries.

The fundraising at Greensill comes nearly a year after private equity firm General Atlantic invested US$250mil in the company, according to a report.

“With the Vision Fund, Greensill will build on its partnership with General Atlantic to continue developing its already extensive global network, further grow its established origination and distribution strategy,” Greensill said.

Morgan Stanley was the financial adviser to Greensill and Allen & Overy was its legal adviser. The Vision Fund’s existing investments include those in ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork. — Reuters

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