(Bloomberg) — Most employees at Stenn Technologies will lose their jobs after HSBC Holdings Plc pushed the struggling trade finance company into insolvency last week.
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“The co-administrators of Stenn International Ltd. can confirm that 155 staff members have been made redundant today,” a spokesperson for the Interpath administrators said in an email to Bloomberg News on Thursday, adding that “45 staff members were asked to continue their employment.”
The UK operating companies of Stenn Technologies were placed into administration on December 4 after HSBC discovered a batch of transactions that may have been fraudulent, Bloomberg reported earlier this week. The financial technology company had enjoyed support from some of Wall Street’s biggest players, including Citigroup Inc. and Centerbridge Partners LP, before its sudden collapse.
Greg Karpovsky, founder and CEO of Stenn, did not respond to phone calls or messages seeking comment on the job losses.
Stenn offered financing to small businesses by acquiring invoices owed to them, an activity known as invoice financing. In a press release last year, the company claimed to have “funded more than $12 billion in invoices to date,” an amount that earned it a place on the Financial’s “Tech Champions” list. Times for 2022.
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