Supply chain finance outfit Tradeshift is closing in on a $240 million equity and debt funding round as it seeks to hit profitability in the "near future".
The new round, which is already more than two-thirds closed, will come from existing and new investors. Goldman Sachs and HSBC were among the participants in a $250 million Series A round in 2018.
Tradeshift enables supply chain payments and marketplaces for more than 1.5 million businesses globally, including global giants such as HSBC, Societe Generale, Air France-KLM, DHL and Fujitsu.
Launched in 2010, the Danish firm's ecosystem now enables alternatives for trade financing, spend and receivables management, lending and payments, and private marketplaces, helping to unlock what it claims is $9 trillion of capital trapped in online payments.
The company reported 60% revenue growth in 2019 but is now focused on profitability, promising to double down on successful areas such as Tradeshift Pay as well as a "rigorous focus on cost control measures" as it seeks to get its house in order ahead of any future IPO.
Christian Lanng, CEO, Tradeshift, says: “As we reach the next phase in the maturity of our business, our focus for the coming year will be about doubling down in areas where we’re seeing the greatest momentum while continuing to ensure we have the necessary balance in place to fully capitalise on the enormous opportunities in front of us.”