HSBC has named the executive team that will spearhead a new embedded finance joint venture in the transaction banking arena
In brief:
- The business, will launch in the first half of 2024, 75%-owned by HSBC and 25%-owned by B2B fintech Tradeshift.
- HSBC invested $35 million in the supply chain outfit in August, following previous participation in a $250 million Series A round in 2018.
- The new venture will be a fintech that develops technology used by HSBC to embed its transaction banking solutions into Tradeshift, but also other fast-growing e-commerce and marketplace venues.
What does this mean?
“I am delighted to be leading this exciting fintech venture, which reflects HSBC’s vision to help businesses grow as they increasingly operate across e-commerce platforms. The JV’s technology will embed HSBC solutions into such venues so that customers can access financing when and where they need it.” Says Vinay Mendonca, new embedded finance CEO.
