Santander partners Tradeshift to unlock working capital for B2B market
11 July 2017 | 6829 views | 0
Banco Santander has struck a deal with San Francisco-based Tradeshift to provide a suite of supply chain finance services to the 1.5 million companies operating on the startup's marketplace platform.
With tens of billions of dollars transacted monthly across the Tradeshift platform, the joint offering aims to extend the speed and simplicity of the purchase to pay process by linking e-invoicing to SCF provided by Santander.
Launched in 2010, Tradeshift is a portfolio company of Santander Innoventures, the $200 million fintech venture capital arm of Banco Santander.
The Spanish bank says it will provide more efficient, digital supplier on-boarding processes, faster authentication of trading parties, process automation and integration with large enterprise resourcing planning systems, and timely, on-line access to financing options.
Santander and Tradeshift plan to make the joint proposition available, initially to UK clients, in late 2017.
Christian Lanng, CEO & Co-founder of Tradeshift says: "Together with Santander, we are enabling every supplier — big or small — to more easily access cash. Tradeshift has 1.5 million suppliers worldwide. The benefit to them will be real.”
Having inked a similar partnership with Tradeshift earlier this year, HSBC has pressed on with a new deal in the US markets with companies operating on GT Nexus B2B platform. Thousands of companies on the GT Nexus network collectively manage more than $500bn worth of goods each year.
Vinay Mendonca, global head of product and propositions, global trade & receivables finance at HSBC says: “We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing and logistics capabilities. We are already working with a US-based apparel retailer to simplify their global supply chain management process and supplier financing needs using this platform and aim to build on this success for a wider range of businesses.”