Greensill acquires Colombian FinTech Omni to turbocharge growth in Latin America (Latam)

GREENSILL CAPITAL (UK) LIMITED, a SoftBank-backed global supply chain finance company, is acquiring Colombia-based start-up, OmniLatam, to drive the company’s growth in Latin America, Bloomberg reports.

OmniLatam provides working capital to small and mid-size enterprises (SMEs) which supply large companies in Chile and Colombia. With the help of its new owner Greensill, OmniLatam is looking to expand to Brazil and Mexico.

OmniLatam makes credit decisions based on data collected from documents such as invoices and tax returns, as well as looking at a borrower’s clients, employees, and sales.

Greensill, which landed two hefty investments from SoftBank’s Vision fund last year coming to roughly $1.45 billion, offers loans which companies can use to pay their suppliers with.

Last year, Greensill delivered $143 billion in financing to more than eight million customers and suppliers across 175 countries. Due to the coronavirus pandemic, volume in the first four months of 2020 more than doubled from a year earlier.

Key takeaway:-

- Building up a digital profile of companies is easy in Latin America, because the region is more advanced than many others when it comes to providing electronic data for corporations.

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Greensill acquires Colombian fintech Omni to turbocharge LatAm growth - FinTech Futures

Greensill Capital, the SoftBank-backed global supply chain finance fintech founded by Lex Greensill, is acquiring Colombia-based digital financing start-up Omni Latam to drive the company's growth in Latin America.