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.
In brief:
-The agreement is part of a funding round that is expected to raise a minimum of $70m 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, with the intention of unclogging the flow of working capital across supply chains
-HSBC is a previous investor in the business, joining a $250m Series A round in 2018.
What does this mean?
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.”
