Stenn Assets UK Limited and Stenn International Limited enter administration
Two units of UK-based fintech Stenn Technologies – Stenn Assets UK Limited (SAUK) and Stenn International Limited (SIL) – entered administration on 4 December, with Interpath Advisory’s Jim Tucker, Kristina Kicks and Joshua Dwyer appointed as joint administrators.
Two Stenn units go into administration
Founded in 2015, Stenn is a digital financing platform for small and medium-sized enterprises (SMEs). In 2022, the fintech secured a $50 million equity investment from Centerbridge Partners, at a valuation of $900 million.
According to a notice posted to Stenn’s website, administrators were appointed to the two units following an order made by the High Court of Justice in London.
The notice reads: “The joint administrators’ 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 preserve value. Please note that the joint administrators will not be seeking to fulfil additional lending requests for the time being. Obligors should continue to fulfil their payment obligations in the usual way.”
Sifted reported earlier this month that HSBC Innovation Bank had made an application to appoint administrators at Stenn. HSBC Innovation Bank provided a revolving credit facility to the fintech.
Bloomberg then reported last week that HSBC Innovation Bank had made the application after it “became concerned about potential irregularities it discovered in some of the firm’s transactions”, citing people familiar with the matter.
