(Reuters) - Financing group Greensill Capital on Monday confirmed SoftBank Group Corp’s Vision Fund has invested $800 million (615 million pounds) in the British company, a vote of confidence in the UK finance sector that has been navigating Brexit challenges.
Greensill, which provides supply chain funding to companies, said it plans to use the funding in part to accelerate its expansion into Brazil and enter markets like China, India, as well as tap into the working capital finance sector.
The investment from the Vision fund, which is one of the world’s biggest technology investment vehicles and has Saudi Arabia’s backing, comes months after it invested $390 million in British banking start-up OakNorth.
Bloomberg on Sunday had reported that the latest round of fundraising valued Greensill at $3.5 billion.
Greensill, founded in 2011 by former banking executive Lex Greensill, works with global institutional investors and provides financing to more than 8 million customers across 60 countries.
The fundraising at Greensill comes nearly a year after private equity firm General Atlantic invested $250 million in the company, according to a report.
“With the Vision Fund, Greensill will build on its partnership with General Atlantic to continue developing its already extensive global network, further grow its established origination and distribution strategy,” Greensill said.
Morgan Stanley was the financial adviser to Greensill and Allen & Overy was its legal adviser.
The Vision Fund’s existing investments include those in ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork.
Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta