Asset Management

Greensill pours SoftBank’s ‘new tech’ money into 92-year-old bank

Vision Fund’s ability to spot a tech star has already been called into question after one of its biggest investments, WeWork, pulled its IPO

Nordfinanz Bank AG in Bremen
Nordfinanz Bank AG in Bremen Photo: Getty Images

When SoftBank’s Vision Fund invested about $800m into Greensill, the fast-growing UK finance company, in May, a press release touted its plans to “accelerate new technology” and expand into China, Brazil and India.

In fact, the bulk of the money was poured into a 92-year-old bank based in Bremen, Germany. The Greensill subsidiary bills itself as a “traditional” institution that takes deposits and makes loans to small businesses.

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