Invoice financing provider Stenn has gone into administration. Professionals from Interpath Advisory will oversee the process.

Jim Tucker, managing director at Interpath and joint administrator, said, “Following our appointment as administrators, our immediate focus is to engage with the Companies’ employees, customers (and their debtors), suppliers and key stakeholders in order to stabilise the Companies’ operations and take all necessary steps to maximise value.”

Stenn is a global fintech founded in 2015, and has since catered to smaller firms that may otherwise struggle to secure trade finance. According to the firm, it has provided over $18 billion in invoice and revenue-based finance solutions to SMEs and large corporates around the world, with offices in London, New York and Atlanta.

However, Companies House records show the group made $28.4 million losses in the financial year for 2023, up from $8.1 million in the year before – while also recording a 5% drop in revenue. This placed it under increasing pressure from its own backers.

Companies House filings also reveal that HSBC Innovation Bank acted as security agent on a revolving credit facility (RCF) that Stenn Assets UK signed in November 2022, originally valued at $25 million. Following an application from HSBC in the UK High Court, Stenn and its funding vehicle Stenn Assets have been placed into administration.

Along with Tucker, Kristina Kicks and Joshua Dwyer from Interpath were appointed joint administrators to Stenn Assets UK and Stenn International in early December 2024, following an order made by the High Court of Justice in London.

Dwyer added, “While the joint administrators assess the options available, debtors should continue to fulfil their payment obligations in the usual way.”

The joint administrators will be contacting all customers and creditors affected by the administration with further information over the coming days.