Stenn has appointed Tim Shell as director of enterprise origination, as the non-bank trade finance provider seeks to scale up in response to increased demand for receivables financing solutions.
Shell is tasked with developing and executing a strategy for providing financing to both SMEs and larger corporates as part of the company’s newly formed enterprise sales team.
He joins from cloud treasury and financing provider Kyriba, where he spent two years as working capital solution structuring director. Prior to that, he was director of product management at Greensill.
Shell also spent over a decade at RBS, including as a director in the bank’s structured trade advisory team.
He says Stenn is focusing on the underbanked market, telling GTR: “Particularly with economic uncertainties and the global banking market retracting, banks are being more cautious around who they lend to, further widening the trade gap.
“That could be smaller suppliers that are selling into strong companies but are unable to access liquidity from their local banks for their export business, for example.”
Stenn is also seeing increased demand from larger businesses that have been cut from banks’ global trade divisions and so cannot access more complex working capital financing, Shell adds.
“Whether this is due to their customer locations, ownership structures, previous financial performance or high growth trajectories, there is a large market to be served,” he says.
The appointment comes as Stenn undergoes a period of internal restructuring and expansion. As well as appointing gaming industry veteran Hubert Larenaudie as president, the company announced this month it had brought in nine new employees in its sales team, as well as another 24 across product development, technology, operations, and risk management.
Recruits include Senam Payandeh as a partner strategy and operations lead, Carl Mascarenhas as director of partnerships and Kamal Soysa as director of revenue operations. Milan Petrovic has been appointed director of SME sales and Maiia Malenko as SME business development team lead.