Softbank’s Vision Fund has invested an additional USD 655 mln in Greensill Capital as the supply chain finance provider has acquired tech firm FreeUp.
The further injection of funds from Japan’s Softbank follows an initial USD 800 mln investment made in May 2019. Greensill said that the funding will continue to support the company’s international expansion.
The acquisition of US-based start-up FreeUp will allow Greensill to broaden its services from providing advance payment of suppliers’ invoices, to also giving workers the opportunity to receive their earned wages much earlier. It is a move that could challenge the presence of payday loan providers.
A pilot of the new product is to begin immediately with a full launch due in a few months, according to a release from Greensill.
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