How three farmers made $1.21 billion

31 May, 2019 by
FMCG Business

Three farmers from rural Queensland have become unlikely rich-listers after turning profits from their parent’s watermelon farm into a “unicorn” business.

Brothers Peter, Andrew and Lex Greensill, from Bundaberg in Queensland, have made their debut on the Financial Review Rich List for 2019, taking out the 75th spot thanks to their stunning combined wealth of $1.21 billion.

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This they pulled off by investing cash from the family’s farm into Greensill, a supply chain financing business founded in 2011 by Lex Greensill, which scored a $336 million capital injection from growth equity firm General Atlantic last year.

It catapulted Greensill into $1 billion-plus unicorn status (a start-up company worth more than $1 billion) and made the brothers instant rich-listers.

The fintech supplies working capital to small businesses based on their invoices, which means companies can be paid more quickly. It has supplied tens of billions of dollars in financing to companies across the globe.

Source: news.com.au