Santander's global venture capital fund has made its latest portfolio investment in supply chain platform Tradeshift.
Headquartered in San Francisco, Tradeshift operates a B2B e-commerce platform, connecting 800,000 companies across 190 countries. The company boasted a 250 percent growth rate in 2015 for its procure-to-pay capabilities, faster payments services and predictable cash flow services.
Mariano Belinky, managing partner, Santander InnoVentures, says Tradeshift is at the forefront of tackling a very real business need.
"Tradeshift gives enterprises the ability to work easily and efficiently with their entire supply chain, while providing SMEs with access to a predictable cash flow through procure-to-pay automation," he says. "Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party applications. This architecture is a key differentiator."
The open architecture will give the bank the opportunity to build added value services across the Tradeshift platform for its corporate and business partners, he adds.
Christian Lanng, CEO and chairman at Tradeshift, comments “Santander has a track record of collaborating with its portfolio businesses. We are excited by the opportunities this investment will create to explore new offerings and different geographies around the world.”
The size of the investment was not disclosed.