Tradeshift, the US-based trade-payment technology provider backed by corporates American Express, Wipro, PayPal, Intuit, CreditEase and HSBC, secured $240m in debt and equity financing from undisclosed new and existing investors yesterday.
Founded in 2009, Tradeshift produces software that helps businesses digitise their trading practices and payment processing, and integrate with third-party supply chain applications.
The company will channel the capital into supporting growth having increased its revenue 60% year on year in 2019 as it looks to achieve profitability. The cash will also support the expansion of Tradeshift’s network finance offering.
Christian Lanng, Tradeshift’s CEO, said: “As we reach the next phase in the maturity of our business, our focus for the coming year will be about doubling down in areas where we are seeing the greatest momentum while continuing to ensure we have the necessary balance in place to fully capitalise on the enormous opportunities in front of us.”
Financial services firm HSBC took part in the company’s last round, a $250m series E round in mid-2018 that was co-led by investment bank Goldman Sachs and Canadian state-owned pension fund manager Public Sector Pension Investment Board.
GP Bullhound, H14 and Gray Swan, the venture capital firm formed by Tradeshift’s founders, also invested in the round, which valued Tradeshift at $1.1bn.
Digital payment services provider PayPal reportedly invested between $16m and $20m in Tradeshift in 2010. Notion Capital added $7m in 2011 before joining Ru-Net and Kite Ventures to provide $17m at a reported $137m valuation later the same year.
Tradeshift raised $10m from accounting software provider Intuit in 2013 and $75m in series C funding from Scentan Ventures the following year.
Data Collective led the company’s $75m series D round in 2016, investing alongside American Express Ventures, the investment arm of payment services firm American Express, as well as HSBC, online lender CreditEase’s Fintech Investment Fund, Notion Capital and Pavilion Capital.
The series D round valued Tradeshift at more than $500m according to the Wall Street Journal. IT services firm Wipro invested an undisclosed sum in the company through a 2017 strategic partnership agreement.
