Tradeshift Earns Undisclosed Investment from Santander

Tradeshift Earns Undisclosed Investment from Santander

tradeshift_homepage_december2016

Tradeshift is the latest company to pick up an investment from Santander InnoVentures, the fintech-based venture capital fund run by Santander Group. The new capital will help Tradeshift develop its supply-chain finance platform and add to the company’s B2B marketplace.

Terms of the investment were not disclosed. Tradeshift had raised more than $190 million in total capital ahead of this week’s investment, with its latest infusion of capital a $75 million funding round led by Data Collective from this summer.

Calling Santander “a natural fit,” Tradeshift CEO and Chairman Christian Lanng praised the Spanish bank for its history of collaborating and partnering with its portfolio companies. “We are excited by the opportunities this investment will create to explore new offerings and different geographies around the world,” Lanng said. Santander InnoVentures’ managing partner Mariano Belinky said Tradeshift is “at the forefront of tackling a very real business need” and using innovative technology to do so.

“Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party applications,” Belinky explained. “This architecture is a key differentiator. As a result, the potential to provide complimentary and added-value services around the Tradeshift platform is particularly powerful.

The investment news comes just days after Tradeshift announced the launch of a pair of new joint ventures in China. The initiatives are designed to help meet the country’s growing demand for supply-chain digitalization and feature partnerships with Shenzhen XunLian Technology Development Company in Chongqing, and Chinese tax-related services provider, Baiwang. “Our platform vision puts both buyers and their suppliers at the center of our value proposition,” Tradeshift SVP of Asia Pacific, Mikkel Hippe Brun said during the joint venture announcement. “(It) is proving to be a natural fit in China’s trade ecosystem as it is everywhere else,” Brun said. Earlier this fall, the company announced expansion to Australia and New Zealand, and was named to Battery Ventures/Glassdoor’s 50 Highest Rated Private Cloud Companies to Work For. In June, Tradeshift introduced its B2B virtual assistant for managing business and travel expenses, Go.

Founded in 2010 and headquartered in San Francisco, Tradeshift demonstrated the Instant Payments feature of its platform at FinovateEurope 2012. Tradeshift’s platform links 800,000 companies across 190 countries.

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Tradeshift Unveils ‘Go,’ the First B2B Virtual Assistant for Managing Business Expenses and Travel

Tradeshift Unveils ‘Go,’ the First B2B Virtual Assistant for Managing Business Expenses and Travel

Tradeshift_homepage_June2016

When you’re looking to make an impression in a new market, coming up with a first-of-its-kind technology is a great way to start.

Tradeshift, the San Francisco company whose open business network connects 800,000 buyers and suppliers across more than 190 countries, unveiled the world’s first B2B virtual assistant for business spending this week. The solution, Tradeshift Go, eliminates the tedium of requesting, approving, and processing business expenses. The virtual assistant uses a conversational UI to make interaction natural and easy, and its virtual card technology limits fraud, maintains transparency, and ensures administrative control. And courtesy of Tradeshift’s acquisition of chat-based travel assistant app, Hyper Travel, Tradeshift Go can also be used to tackle another business pain point: booking travel arrangements.

Tradeshift_Go_VirtualCardIssuance

During a briefing with Tradeshift’s Sarika Garg, SVP/GM, network and apps, and John Eng, SVP, brand and marketing, the team explained how Tradeshift Go solves a major challenge for middle-sized businesses for whom most procurement solutions were “too heavy and inefficient.” Geared toward businesses with staffs between 50 and 2,000 employees, Tradeshift Go gives Tradeshift_Go_iOS_highresworkers the ability to make business purchases via a pre-approved, single-use virtual credit card that is billed to a corporate card. The employee never sees the corporate card number, and the employer has 100% visibility in real-time on how much and what is being purchased. Compare this, Eng suggested, to the typical situation of the financial officer who doesn’t learn what company funds were actually spent until after they are spent.

Tradeshift Go is available for free at the iTunes store, with Android versions of the app “coming soon.”

Garg and Eng discussed how the solution was an example of how AI and machine learning can “transform age-old problems at work” into “consumer-grade experiences.” It also represents Tradeshift’s new focus on the challenges of medium-sized businesses. The team suggested that additional “skills” beyond travel booking could be added to the Tradeshift Go platform including legal, temporary labor/consultant hiring, and other areas. Tradeshift says it is actively working with partners to add these features to the platform in the future. “We are democratizing access to expertise and buying power of large companies,” Eng said. “(Tradeshift) is changing the landscape of what’s available (to middle market businesses).”

Early feedback has been positive. MyStartupCFO.com, which handles financing and accounting for hundreds of startups, is one of the ten companies piloting Tradeshift Go. “Being nimble and having transparency is important,” MyStartupCFO.com CEO Sandeep Shroff said. “Go gives us both and will save us a ton of time.”

Founded in 2009 and based in San Francisco, California, Tradeshift demonstrated its Instant Payments technology at FinovateEurope 2012 in London. The company has raised $174 million in total capital; its most recent investment was a $75 million capital infusion in June led by Data Collective. Also in June, Tradeshift announced that it was partnering with kompany to automate KYC and KYB verification. The company teamed up with Chinese taxation services firm, Baiwang, in March, the same month it was named to the Tech Tour 2016 Growth 50. Christian Lanng is co-founder and CEO.

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Tradeshift Closes $75 Million Series D Round, Boosts Valuation to $500 Million

Tradeshift Closes $75 Million Series D Round, Boosts Valuation to $500 Million

TradeshiftHomepage

Invoicing and cash flow management platform Tradeshift pulled in $75 million of new funding this week, bringing the total to north of $200 million since its 2010 launch.

According to the Wall Street Journal, Tradeshift’s valuation now stands at $500 million.

Data Collective led the round; additional contributors include HSBC, American Express Ventures, Notion Capital, CreditEase Fintech Investment Fund, and Pavilion Capital. Data Collective’s co-managing partner and co-founder Matt Ocko will join Tradeshift’s board. The San Francisco-based company will use the funds to “serve a wider range of global customers” by increasing user adoption by boosting growth of sales, product, and engineering operations.

Tradeshift is an open network that connects buyers and suppliers on a single platform to manage business processes. The company offers Tradeshift Buy for cloud-based procurement, Tradeshift Pay for accounts payable automation, and Tradeshift Risk for a lifecycle management solution. At FinovateEurope 2012, CEO Christian Lanng, co-founder, debuted Tradeshift Instant Payments, a solution that enables businesses to receive payments in real time for invoices.

In the past year, Tradeshift has seen 4X growth in supplier accounts, having added Fortune 1000 clients including Zurich Insurance Group, LinkedIn and SUEZ, one of the world’s largest fashion retailers. The company has also increased its focus on small- to medium-sized businesses, bringing its total user base to 800,000 end users; the number of businesses it serves is undisclosed.

Tradeshift saw 2.5X YOY growth in transacted value on its platform, which processes billions of dollars per month in supply-chain transactions in 190 countries. The company anticipates it will make $50 million in annual revenue this year.

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