Copenhagen-based fintech Tradeshift is set to receive a substantial boost as HSBC injects $35 million into the company, marking the inception of a collaborative venture aimed at pioneering innovative embedded finance solutions and financial services applications. Renowned for its cloud-based supply chain platform reshaping B2B interactions, Tradeshift finds a strategic partner in HSBC Holdings plc, the global banking giant headquartered in London, with a sprawling presence across 62 countries and territories.
The partnership will see HSBC make a phased investment in Tradeshift, accompanied by a seat on its board, as part of a broader funding endeavor projected to secure a minimum of $70 million from HSBC and other investors. Positioned to revolutionize the digital landscape, the joint venture will seamlessly integrate cutting-edge payment and fintech services within trade, e-commerce, and marketplace frameworks, fueling Tradeshift’s international business commerce expansion. The collaborative efforts of HSBC and Tradeshift anticipate an eagerly awaited debut in early 2024, with further insights to be unveiled in due course.
Danish startup Tradeshift was founded by visionary entrepreneurs Christian, Mikkel, and Gert. From its inception, Tradeshift embarked on a mission to redefine the landscape of business commerce, forging innovative pathways for B2B buyers and suppliers. Standing as a trailblazer in the fields of e-invoicing and AP automation, Tradeshift offers a comprehensive suite of tools that facilitate compliant e-invoicing across more than 50 countries, including China.
“Enabling and growing global trade has been in HSBC’s DNA for almost 160 years. We are very excited to partner with Tradeshift to help businesses and their suppliers trade more smoothly using world-class technology and solutions that the joint venture will deliver.” says Barry O’Byrne, CEO of Global Commercial Banking at HSBC. “This agreement supports our strategy of being a digital-first bank, which includes our commitment to partnering with fintechs and embedding our solutions into the platforms of others.”
“The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.” states Christian Lanng, CEO and Co-founder of Tradeshift. “HSBC’s reputation and global infrastructure bring instant credibility and broad appeal to any financial solutions brought to market through the Tradeshift platform. It’s transformative, and it’s a tremendous validation of the innovation and product architecture we have developed over the past decade.”
HSBC supports around 1.3 million businesses worldwide and is the world’s largest trade bank, facilitating over $800 billion of trade flows annually. Tradeshift supports over $260 billion of annual gross merchandise value for a million business users on its platform.
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