Leading Fin-Tech joins forces with Oracle to Launch Subcontractor Direct Finance
NEW YORK, May 29, 2019 /PRNewswire/ --Greensill, the leading non-bank provider of working capital finance, has teamed up with Oracle to launch a new way to pay subcontractors in the United States construction sector, unlocking billions of dollars trapped in unpaid invoices.
With Subcontractor Direct Finance, also known as Sub Direct, construction subcontractors in the U.S.can gain access to early payments conveniently and affordably.
There is as much as $100 billion of cash locked up at any one time in the construction sector of the U.S. alone in the form of outstanding invoices, the latest research from Greensill shows.
Sub Direct frees up that cash using Greensill's state of the art working capital finance programs and the Oracle Textura Payment Management Cloud Service.
Sub Direct is part of Greensill's core mission - making cash available to all businesses no matter their size at rates once reserved for the biggest corporations. Greensill calls this process 'the democratization of capital'.
Lex Greensill, Greensill founder and CEO, said: "Subcontractor Direct Finance is a whole new way of doing business for companies of every size and scope in the US construction industry. Simply put, a subcontractor's days of waiting to be paid for their hard work are over."
Notes to editors: Greensill is the world's leading non-bank provider of working capital finance to companies globally. Founded in 2011 by Lex Greensill, the company provides businesses with alternative sources of funding, allowing them to provide suppliers with the opportunity for faster payment while at the same time preserving their own capital position. The company is headquartered in London with offices in New York, Chicago, Frankfurt, Sydney, Miami, Mexico City, Johannesburg, Sao Paolo and Singapore. Greensill provides Supply Chain Finance facilities to customers across Europe, North America, Latin America, Africa and Asia and works with more than 110 different banks and institutional investors to provide the stable funding streams underpinning the process. Greensill has provided $60 billion of financing to a pool of 8 million customers in more than 60 countries since inception.
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