Tradeshift and HSBC announced plans to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps.
“The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere,” says Christian Lanng, CEO and co-founder of Tradeshift. “HSBC’s reputation and global infrastructure bring instant credibility and broad appeal to any financial solutions brought to market through the Tradeshift platform. It’s transformative, and it’s a tremendous validation of the innovation and product architecture we have developed over the past decade.”
From Tradeshift:
- As part of the agreement, HSBC will invest $35 million into Tradeshift in two stages and will join its board. The agreement is part of a funding round 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 digital solutions across Tradeshift and other platforms. This will include payment and FinTech services embedded into trade, e-commerce and marketplace experiences, and will help enable Tradeshift to scale its business commerce proposition across the globe.
“Enabling and growing global trade has been in HSBC’s DNA for almost 160 years. 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,” adds Barry O’Byrne, CEO of global commercial banking at HSBC. “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.”
