Supply chain financing expert Taulia is making a $6 billion credit facility available to its supplier clients this week. The funds were secured through a JPMorgan-led consortium that also includes UniCredit, UBS, and BBVA.
The news comes after Taulia partner Greensill Finance filed for insolvency earlier this week due to its largest client, GFG Alliance, defaulting on its debts. Taulia expects that the credit facility will help its clients that relied on Greensill Finance by offering them access to a different source of liquidity.
To be clear, the financing is not funding for Taulia itself; it is funding to help suppliers on its platform that are linked to Greensill Capital clients.
“Taulia’s priority, first and foremost, has been to enable businesses both large and small to unlock liquidity trapped in their supply chain in order to invest, operate and thrive,” said Taulia CEO Cedric Bru. “In the current environment, with the potential loss of a funder, our commitment to providing choice has become even more paramount.”
Today’s financing is the continuation of Taulia’s strategic partnership with JPMorgan that began in April of last year. Last July, the financier participated in Taulia’s $60 million financing round that boosted the San Francisco-based company’s total funding to $177 million.