Copenhagen-born B2B fintech Tradeshift has garnered a $35 million investment from HSBC as the two sign a joint venture to launch a new business focused on the development of embedded finance solutions and financial services apps.
The investment from HSBC will arrive in two stages, and the agreement is part of a funding round that is expected to raise a minimum of $70 million from HSBC and other investors. Since early 2010, Tradshift has raised in excess of $1 billion.
Supporting over $260 billion of annual gross merchandise value for one million business users on its platform, Tradeshift CEO and co-founder Christian Lanng, who is also in today's headlines with Beyond Work, comments on the deal, “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.
“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.”