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Stenn, a UK-based fintech startup specializing in invoice financing, collapsed amid allegations of trade finance fraud. The company was last valued at approximately $900 million to $1 billion. Despite its high valuation, several major Wall Street banks claimed they were unaware of Stenn before its downfall. The startup reportedly secured funding from these banks, which was later linked to suspect payments. The incident has raised concerns about due diligence practices among financial institutions backing fintech firms.
Wall Street Missed Warning Signs Ahead of $1 Billion Fintech Implosion https://t.co/zh3Of3Jf2q New evidence for the trade finance fraud case - UK based Stenn https://t.co/98EE0spxps
A look at the collapse of Stenn, an invoice financing startup that got major banks to unwittingly fund millions in suspect payments and was last valued at $900M (Bloomberg) https://t.co/yZ2magft9X https://t.co/tCY6CjUvIV https://t.co/ZOzeer1FAj
Wall Street banks thought they were backing a $1 billion fintech darling. When Stenn blew up, major partners said they had never even heard of it. https://t.co/Hr3AMHExjD via @business
