Overview
Stenn is not a living trade-finance product. On 4 December 2024 the High Court in London appointed Jim Tucker, Kristina Kicks and Joshua Dwyer of Interpath as joint administrators of Stenn Assets UK Limited and Stenn International Limited. The administrators said they would not take on additional lending. stenn.com is now an insolvency notice and a scam warning, not an application funnel.
Before that it was a UK non-bank that financed cross-border invoices and, later, revenue-based facilities for SMEs. Greg Karpovsky founded it in 2015. Marketing claimed funding in 48 hours and limits up to about USD 10 million. Administrators say the group had deployed more than USD 10 billion across 70-plus countries. A 2022 Centerbridge equity round was reported at a USD 900 million valuation. HSBC Innovation Bank then sought the administration order. Subsequent reporting questioned the reality of some receivables. This is a wind-down, not an acquisition that kept the brand alive.
This catalog previously pointed website at qupital.com. That is Qupital, a separate Hong Kong ecommerce lender — not a Stenn successor. Anyone still waiting on a Stenn payout should use only the administrators’ mailboxes. Do not pay strangers who claim they can unlock funds.
Core features and advantages
Invoice finance (historical)
The core product bought trade receivables so an exporter could cash out after shipment while the buyer paid later. The typical user was an SME supplier in Asia (and other manufacturing regions) selling to Western retailers. The Financial Times in 2022 described supplier fees of about 0.65%–4% of invoice value, with Stenn taking buyer-default risk. That was an interview figure at the time, not a 2026 rate card.
Revenue-based and ecommerce facilities (historical)
Later marketing added revenue-based finance for ecommerce and SaaS brands that needed inventory or ads. Those products stopped with the UK companies. Stenn Hub was left read-only after administration and is not a working treasury system.
What the administrators actually do
Their job is to stabilise what remains, write to creditors, buyers and suppliers, and recover assets. On 31 March 2025 they wrote to parties with receivables payable to Stenn Assets Funding DAC. Servicing of Stenn Direct Funding DAC moved to Atradius Collections from 20 December 2024. Bloomberg reported in January 2026 that administrators had recovered about USD 125 million against roughly USD 1 billion of invoices at collapse. The UK Financial Reporting Council later opened an audit investigation; treat court and regulator filings as the source of truth, not press summaries.
Supported platforms
Stenn was never an Amazon or Shopify in-dashboard loan button. It underwrote invoices, buyers and suppliers. Coverage was described as 70-plus countries with a London HQ and overseas offices. In 2026 none of that is a live channel: there is no new limit and no plugin to install.
Who it's for
- Existing counterparties: follow stenn.com and Interpath email only; keep contracts and payment records.
- Sellers who need new invoice or marketplace finance: do not apply to Stenn. Use a lender that is still originating.
- Everyone else looking for 2026 working capital: skip this product.
Concrete use: if a buyer was told to pay Stenn, check which pool the invoice sits in (Assets Funding DAC still follows administrator instructions; Direct Funding DAC goes to Atradius). Do not assign new invoices to a company in administration.
Pricing and value
There is no current price list. Historical fees, 48-hour funding and USD 10 million limits are obsolete. Administrators will not quote to win new clients. Any message that asks for an “unlock fee” is the insolvency-scam pattern the FCA warns about. Compare 2026 cost of capital on Qupital, MODIFI or FundPark’s own sites.
Community feedback
Before collapse, trade-finance press (GTR, Trade Finance Global, the FT) framed Stenn as a fintech filling the SME letter-of-credit gap. After collapse the conversation stayed in that professional circle — authenticity of receivables, bank due diligence — not in r/AmazonSeller. Chinese seller forums barely treated it as a daily tool. Administrators warned about clone sites; only https://www.stenn.com and the Interpath case pages are official.
Competitive positioning
Invoice discounting is not the same job as Payoneer or PingPong collection accounts. Qupital is closer to China-origin marketplace sellers. MODIFI is B2B export receivables with a Maersk heritage. FundPark targets Asian ecommerce liquidity. In 2026 those three still belong on a shortlist; Stenn does not.
Alternatives
- Qupital: Hong Kong-origin ecommerce finance for marketplace sellers.
- Modifi: B2B export receivables, not a payout wallet.
- Fund Park: Asian ecommerce working-capital facilities.
Limitations
The product is dead. New applications are refused. Existing clients may wait a long time and still not recover in full. Investigations continue; this catalog does not adjudicate fraud claims. Domains that impersonate a “relaunched Stenn” are not the official site.
Verdict
Do not put Stenn in a 2026 cash plan. It was not acquired and rebranded; the UK operating companies are in administration and not lending. Need inventory or receivable finance? Apply to a firm that is still open. Already in the book? Talk only to the administrators.
Next step: read the notice on stenn.com. Sellers stennsellers@interpath.com, buyers stennobligors@interpath.com, creditors stenncreditors@interpath.com. For new facilities, use the official sites linked above.
Data notes
Rechecked 2026-09-06 against the stenn.com administrator notice, the 4 December 2024 Interpath appointment, Bloomberg’s January 2026 recovery report, and CB Insights’ Bankrupt/Admin status. website was corrected from qupital.com to https://www.stenn.com. monthlyVisits, domainRating, and authorityScore are catalog placeholders, unverified. published uses the public 2015 founding year (exact day unverified). Historical fees come from 2022 press interviews, not a live tariff.