Santander InnoVentures is adding Tradeshift to its growing portfolio of hot fintech properties.
The supply chain finance platform raised $75 million from Data Collective in June, bringing the known amount of investment to about $190 million, according to public records. American Express Ventures was also a part of the Series D round last summer. Santander did not disclose the size of its investment.
In this strategic move, Santander said it would explore how to use the Tradeshift platform with its corporate and business customers. “Santander has a track record of collaborating with its portfolio businesses. We are excited by the opportunities this investment will create to explore new offerings and different geographies around the world,” said Christian Lanng, CEO and Chairman at Tradeshift.
Tradeshift’s B2B platform connects 800,000 companies in 190 countries; it says it had a growth rate of 250% in 2015. Mariano Belinky, Managing Partner, Santander InnoVentures, said: “Tradeshift gives enterprises the ability to work easily and efficiently with their entire supply chain, while providing SMEs with access to a predictable cash flow through procure-to-pay automation.”
“Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party applications. This architecture is a key differentiator. As a result, the potential to provide complementary and added value services around the Tradeshift platform is particularly powerful,” added Belinky.
Tradeshift has an eclectic array of customers, including DHL and Zurich Insurance. Last week, the San Francisco-based firmed announced two joint ventures with separate entities in China to tap into the trade finance and to implement e-invoicing for a value added tax compliance. Last summer, Tradeshift bought Hyper Travel, an app using artificial intelligence to help corporate travelers plan trips, for an undisclosed sum.