According to an announcement, Greensill’s acquisition of Omni will help it accelerate its global growth strategy.
Omni, which lends to SME suppliers of large companies in Chile and Colombia, was founded in 2018 by fintech pioneers Diego Caicedo, Charlie A. Cliff, and Andres Abumohor.
In the last three years, the company has provided $300 million of financial solutions to more than 5,000 clients.
Greensill research shows that the market for working capital finance Latin America is worth $750 billion and the addition of Omni’s leading-edge technology platform and growing portfolio of products and clients will result in a step-change in Greensill’s capabilities in the region.
Last year, Greensill provided $143 billion of finance to more than 8 million customers and suppliers in more than 175 countries. Volumes, year on year, increased by 73% in Q1 2020 as demand continued to rise.
“Latin America is a highly attractive growth market for us and the acquisition of Omni will significantly expand our capabilities in this important region,” said Greensill founder and CEO Lex Greensill.
Greensill research has identified a global addressable market for working capital finance valued at $56.3 trillion. Latin America accounts for some $750 billion of this total.
World Bank data shows that SMEs across Latin America accounts for more than 20% of the global unbanked market, which means entrepreneurs and suppliers all over the region struggle to find fair finance.
“Both of our companies were founded with similar business philosophies and ambitions, and this transaction will allow Omni to accelerate our growth plans in the Latin American market, while also benefiting from Greensill’s expertise and global capabilities,” said Omni co-founder Diego Caicedo. – BusinessNewsAsia.com