News and resources on payments systems, innovations and initiatives worldwide.
HSBC to invest $35 million in Tradeshift joint venture

HSBC to invest $35 million in Tradeshift joint venture

HSBC has invested $35 million in supply chain finance outfit Tradeshift as part of plans to create a new joint venture company focused on the development of embedded financial services.

The agreement is part of a funding round which is expected to raise a minimum of $70 million from HSBC and other investors.

The new joint venture will allow HSBC and Tradeshift to deploy a range of payment and fintech services embedded into trade, and e-commerce marketplaces, witth the intention of unclogging the flow of working capital across supply chains

Barry O'Byrne, CEO of Global Commercial Banking at HSBC, says: “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.”

“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.”

Tradeshift supports over $260 billion of annual gross merchandise value for a million business users on its platform, including global giants such as HSBC, Societe Generale, Air France-KLM, DHL and Fujitsu.

HSBC is a previous investor in the business, joining a a $250 million Series A round in 2018.

Comments: (0)