Tradeshift, an e-invoicing and AP automation service, announced that its virtual credit card product Tradeshift Go is on track to handle $2.5 billion in charge volume during 2021 – “a sixfold increase over 2020.”
With this steady growth and over 2,000 clients, Tradeshift Go ranks among the largest Fintech card programs across the globe.
“Go is a key part of the comprehensive platform strategy we’ve built at Tradeshift combining SaaS, fintech and marketplaces,” stated Christian Lanng, CEO at Tradeshift.
Lanng added that the virality they are seeing in key areas across their business is rooted in the connectivity that “comes from bringing buyers and sellers together on a single global network.”
Lanng also noted that the more we embed access to value-added services such as Go, the more “compelling it becomes for businesses to join the network.” He also mentioned that it’s “a virtuous circle that brings with it opportunities for massive scale and diversification.”
Accenture notes that total spending on business credit cards in the United States will surge to $1.1 trillion in 2024 from $625 billion in 2019. Remote working measures imposed during the COVID-19 outbreak have led to an acceleration in commercial card usage by businesses.
A survey by RPMG Research Corporation found that commercial cards were “the primary method used by employees to make business-related purchases.” Around 40% of organizations surveyed by RPMG said they “planned to increase their use of Virtual Cards during the pandemic.”
“Tradeshift Go is a unique solution in how it serves both enterprise and small businesses to meet their unique needs to implement and scale corporate card programs without relinquishing control and security,” added Lanng.
He further noted:
“There are no mystery charges, missing receipts or surprises cannibalising the budget, like there are with traditional physical cards. Our enterprise clients appreciate the predictability and small business owners like that they can maintain the perks of a single account.”
With Tradeshift Go, workers don’t have to be cardholders on a commercial card account to access payments.
Budget managers are able to issue pre-approved, encrypted virtual cards “in seconds.” The announcement also mentioned that purchase requests approved in Go are “pre-coded with a business justification and accounting code.”
That information stays with the purchase “all the way through the accounting process – meaning there is no need to reconcile anything when the monthly credit card bill comes in.” This allows organizations “to eliminate risk, control tail spend and streamline expenses,” the announcement explained.
As noted in a release, Tradeshift is an established e-invoicing and accounts payable automation and an innovator in B2B marketplaces and offers access to supplier financing.
Its Cloud-powered platform helps buyers and suppliers with digitizing invoice processing, automate accounts payable workflows and scale operations quickly. Based in San Francisco, Tradeshift’s goal is to “connect every company in the world, creating economic opportunity for all.”
The Tradeshift platform is home to a fast-growing community of buyers and sellers operating in over 190 countries.