Category Archives: Qld

Meet Lex Greensill and the fintech that’s Australia’s newest $2b success story

A supply chain financing company with its roots in regional Queensland Australia, Greensill, has become the country’s next $1 billion-plus unicorn, thanks to a $US250 million ($336 million) venture capital injection from growth equity firm General Atlantic, which also creates the country’s newest top rich listers.

Queenslander Lex Greensill started his own finance supply-chain company that’s now worth $2.2 billion. John Chapple

Greensill, founded in 2011 in London by Bundaberg-born farmer Lex Greensill, 41, provides businesses in industries from telecommunications to manufacturing with working capital based on their invoices, allowing them to be paid faster and fulfil the work, without shortening payment terms for the buyers.

The capital raise, which is the first for the previously bootstrapped company that had only taken capital from family and friends, values Greensill at $US1.64 billion and makes Mr Greensill and his brother Peter, who runs the family sugar cane and sweet potato farm in Bundaberg, collectively billionaires.

“The business is extraordinarily capital efficient and we’ve invested fully ourselves in growing the business because we wanted to maintain control,” Mr Greensill told The Australian Financial Review.

“The firm is still substantially owned by myself and the staff and I’m very proud of that … Dozens and dozens of our employees have become millionaires on the back of this.

“We weren’t looking to raise at all. General Atlantic approached us and the strength of their experience in multiple markets where we’re looking to grow, combined with the capital and expertise, made it worthwhile. But there are no plans to raise again or do an initial public offering.”

The investment from General Atlantic, which gives it a minority stake in the company, will allow the business to aggressively expand in major markets where it’s only got a small presence – China, India and Brazil – as well as rolling out in Africa.

From Bundaberg QLD to London

Having been raised on his family farm and seeing his parents deal with long payment terms, Mr Greensill worked full time in a law firm after finishing high school and undertook a law degree by correspondence.

After becoming a solicitor, he joined a few start-ups based in Sydney during the dotcom boom, one of which was in supply-chain finance.

This venture ultimately failed and Mr Greensill went on to be involved in a few other start-ups, before making the move to London and eventually starting Morgan Stanley’s supply-chain finance business, before moving to Citibank during the global financial crisis and becoming managing director of its supply-chain finance business for Europe, the Middle East and Africa.

But Mr Greensill, who has also been an adviser to former British prime minister David Cameron and US president Barack Obama, said he became frustrated with the big banks’ inability to adopt new technologies quickly and decided to start his own firm.

“I ultimately decided there was a bigger opportunity outside of the bank because so much of the market was not being served by them and they weren’t adopting technology at the pace I thought they needed to,” he said.

“Our business model is that we work on an industrial scale. We’re low margin and we’re passing through the advantage of the extraordinary access we have to Greensill Bank [in Germany] and capital market financing through to battlers in Australia and the 56 markets we serve.

“Full enrolment online takes under one minute and in terms of accepting legal terms and conditions, it takes just one click. We marry our financial and capital markets technology as one of the biggest bond issuers in Europe, together with access to the enterprise resource planning systems of our customers in order to make credit available.”

‘I’m a farmer at heart’

Greensill bought a German bank in 2013, whose balance sheet it uses to invest in its various programs.

The company is growing at around 300 per cent year-on-year and in Australia it has gone from providing $US800 million in working capital to businesses in 2017 to more than $3 billion in the first six months of 2018.

In 2017 it made a profit of $US32.9 million on $US115.9 million in revenue.

“We see ourselves as the Amazon of the working capital world … We’ve come a long way, but the marketplace we play in is quite enormous,” Mr Greensill said.

“Our market share today is about 0.4 per cent, in a market with the potential size of a $US3.5 trillion asset requirement. That’s the market we’re going after. We want to go from 0.4 per cent to [the full] $US3.5 trillion.”

Mr Greensill’s brother Peter also sits on the board of the company, but day-to-day runs the family farming business, which is separate to Greensill.

While the company was founded in the UK, Greensill is still registered in Bundaberg and Mr Greensill, who was named a Commander of the Order of the British Empire last year, has no intention of ever changing that, admitting he’s still a farmer at heart.

“Bundaberg is my home. It’s where I came from and I visited there about eight times last year with my wife and. We have never considered the thought of changing our roots,” he said.

“I’m a farmer at heart. Whenever I’m home I jump on a tractor and have a play. I don’t think of myself as a corporate titan.”

RELATED LINKS BELOW

www.ozrural.com.au

www.sunblestproducts.com

www.profitcentre.net

www.fcci.com.au

www.frasercoastcentral.com.au

Henry Sapiecha

‘Lotto hot spot’: FRASER COAST $30M jackpot is another win for Qld town a la LOTTO-LAND

UPDATE, 4PM: Hervey Bay has cemented its place as one of hot-spots for big lotto wins.

Golden Casket narrowed the state-wide search for Queensland’s $30 million winner to Hervey Bay late this afternoon, sparking even more interest in the win.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

The $30 million win is the second division one win to land in the Fraser Coast region during the past five days.

On the weekend, a retired Hervey Bay woman won $1.6 million in the Saturday Gold Lotto $20 Million Superdraw.

UPDATE, 11AM: Golden Casket narrowed the state-wide search for Queensland’s mystery millionaire to the Fraser Coast.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

The $30 million win is the second division one win to land in the Fraser Coast region during the past five days.

On the weekend, a retired Hervey Bay woman won $1.6 million in the Saturday Gold Lotto $20 Million Superdraw.

The Fraser Coast region also holds the record for having sold Australia’s single biggest individual lottery win. In January, 2016, Hervey Bay grandparents won the $70 million division one Powerball jackpot prize.

BIG LOTTO WINS: Are we the lucky region?

The couple won the entire jackpot prize.

EARLIER: A MYSTERY Queenslander won Oz Lotto’s entire $30 million jackpot but may not know they are now a multi-millionaire.

The entry was the only division one-winning entry in Oz Lotto draw 1229 on Tuesday, September 5, but the entry was unregistered.

Wife didn’t believe husband when he said they’d won $1.6 million

Golden Casket has urged all Queenslanders to check their tickets.

“It’s hard to believe, but someone out there woke up this morning a multi-millionaire – but they may not know it yet!” Golden Casket spokesperson Matt Hart said.

“We can’t wait to confirm this whopping prize with our mystery winner! Just imagine how $30 million could change your life and the lives of your nearest and dearest.

“There are 30 million reasons why all Queensland players who had an entry in last night’s draw should check their ticket this morning.

“If you discover you’re holding the division one winning Oz Lotto entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process.”

The winning numbers were 16, 45, 4, 35, 8, 28 and 27. The supplementary numbers were 22 and 34.

Henry Sapiecha

Mystery Queenslander wins the complete $40M Oz Lotto jackpot!

UPDATE @ 11.15am: The hunt is on for the winner of last night’s entire $40 million Oz Lotto jackpot prize, with Golden Casket narrowing the search to the tropical Far North Queensland city of Cairns.

Earlier this morning Golden Casket revealed a Queensland entry had won the humungous Oz Lotto prize but with still no sign of the mystery winner, the selling city has now been revealed.

The entry, purchased at a Cairns Golden Casket outlet, was not registered to a Winners Circle Card so the identity of the new multi-millionaire remains a mystery.

Golden Casket is urging all Cairns residents and visitors who purchased a ticket in last night’s Oz Lotto draw to check their tickets.

EARLIER @ 8.30am: One Queenslander won the entire $40 million Oz Lotto jackpot last night, however the identity of the new multi-millionaire remains a mystery as the entry was unregistered.

The Queensland entry was the only division one winner, in what was the third highest Australian lottery jackpot of the year.

Queenslanders who purchased a ticket in the draw are being urged to check their tickets immediately.

Golden Casket spokesperson Matt Hart said he was eagerly waiting for Australia’s newest multi-millionaire to make contact and start the prize claim process.

“With $40 million up for grabs, last night’s Oz Lotto draw was one of the most hotly anticipated draws of the year and one Queensland player won it all!” he said.

“We can’t wait to confirm the humongous prize with our mystery winner! Just imagine how $40 million might change your life and the lives of your nearest and dearest.

“There are 40 million reasons why all Queensland players who had an entry in last night’s draw should check their ticket this morning.

“If you discover you’re holding the division one winning entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process!”

We are on the hunt for x1 $40 Million unregistered QLD

Henry Sapiecha

MYSTERY WINNER OF $1.6M LOTTERY WIN IN HERVEY BAY QUEENSLAND AUSTRALIA

ARE you the lucky winner of $1.6 million?

Torquay IGA & News has shared the exciting news that it has sold a winning division one lotto ticket.

The draw was for Saturday night and the lucky winner has $1.6 million waiting to be claimed.

“If you got a ticket from us last night, come on in and get your ticket checked, you may just be holding that winning ticket!” the post reads.

The winning lotto numbers on Saturday night were 21, 22, 23, 16, 17, 44 with bonus numbers 30 and 2.

Henry Sapiecha

Caboolture Queensland Australia woman wins $2.77 million on Gold Lotto

A QUEENSLANDER is today $2.77 million richer after a remarkable winning run over two days this week.

A woman from the Caboolture region, north of Brisbane, won $2.77 million on last night’s Gold Lotto.

The woman, who has not been named, won division one four times on a single Monday and Wednesday Gold Lotto entry.

It followed her $17,000 win in a lower divisional prizes on Monday.

“I’ve been waiting to hear from someone from Golden Casket all my life!” she told a Golden Casket official who rang with the news.

“It’s just unreal! I’ve had two wins in the past few weeks and now last night I won $2.77 million. It’s crazy!

“It’s like you get your lucky time in your life and it all happens. That’s how it feels to me.

“It’s been a bit of a roll of wins lately. I thought my luck may have run out but it’s just got better. This is the icing on top of the cake!”

The winning entry was bought online at thelott.com and consisted of four marked System 12 games of identical numbers.

Apart from winning division one four times — once for each marked game on her entry — she also won division 3 144 times and division 4 900 times. In total, her system entry won 1048 times across all divisions!

“All we want to do is play golf a couple of times a week and kick back,” she said.

“We’ve worked hard our whole lives. It’s time to put the boots down. It’s just amazing.

“It’s just unreal! This is more than I can even get my head around.

“I could not sleep last night! This means we don’t have to worry about paying bills and we can help our family out. It’s just beautiful!”

It’s the second time in three weeks a Caboolture entry has won division one. A Caboolture couple won $792,331.85 with their entry in Saturday Gold Lotto on April 29.

Henry Sapiecha