Santander InnoVentures, the fintech venture capital fund of Santander Group, recently announced its latest portfolio investment was made in Tradeshift, a business commerce and supply chain finance platform.
According to Santander InnoVentures, Tradeshift is used by a range of Fortune 500 companies, which includes DHL and Zurich Insurance Group. The platform has reportedly increased by 250% in growth rate last year for its procure-to-pay capabilities, faster payments services, and cash flow solutions.
Christian Lanng, CEO and Chairman at Tradeshift, stated:
“Santander InnoVentures is a natural fit as an investor because of its commitment to support and apply emerging technologies to solve the real world challenges of its 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.”
Mariano Belinky, Managing Partner of Santander InnoVentures, commented:
“Tradeshift is at the forefront of tackling a very real business need. 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.”
The Santander InnoVentures investment will notably be used to further broaden Tradeshift’s capabilities, fuel the development of its platform and grow the ecosystem surrounding its B2B marketplace.