Tradeshift is receiving major financial support to further its global expansion and platform development.
The global buyers and suppliers connection platform announced Thursday an updated list of new and existing investors that joined its $75 million Series D funding, which included American Express Ventures, CreditEase Fintech Investment Fund, Data Collective, HSBC, Notion Capital and Pavilion Capital.
The new funding furthers Tradeshift’s international reach and business-to-business marketplace ecosystem development. A wider range of global customers will be possible as Tradeshift increases involvement in trade financing, lending, payments and spend management. More resources will be available to support the company’s product and engineering operations as well.
Tradeshift’s latest funding is timely with other major milestones for the company. From 2014 to 2015, Tradeshift experienced 250 percent growth in transacted value. Last week, Tradeshift and Kompany announced their partnership on automating Know-Your-Customer (KYC) and Know-Your-Business (KYB) verifications. This collaboration will help companies reduce supplier verification time and costs in the future. Kompany’s Business Register Exchange (BREX) API provides trading partners on Tradeshift’s platform with protection from fraud and collection costs. Kompany is also planning to provide Tradeshift with a company blockchain that assists interconnections with other business partners.
In addition, the funding aligns with Tradeshift’s global procure-to-pay category initiatives this year. Initiatives included broadened capabilities to assist companies with supplier risk management, new customers within the Fortune 1000 including Zurich Insurance Group and LinkedIn, increasing Tradeshift’s user platform base to more than 800,000 users with small and medium sized businesses, strategic partnerships with China-based Baiwang and Microsoft and 400-plus percent growth in supplier accounts.
“Tradeshift continues to attract interest and investment because of our unique approach,” said Tradeshift’s chief executive officer and co-founder, Christian Lanng. He added, “Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party apps. Customers, partners, and investors want to get behind our bold vision because of the huge wins ahead for customers engaged in digital transformation.”