Business commerce startup Tradeshift launches Tradeshift Pay, partners with HSBC and major banks to solve the $9 trillion global commerce problem
Tradeshift announced today the launch of Tradeshift Pay, an industry first cloud platform that brings supply chain payments, supply chain finance, and blockchain-based early payments together into one unified end-to-end solution. The company is partnering with HSBC, Santander and major banks to attack $9 trillion global commerce problem. With these innovations, Tradeshift takes aim at a $9 trillion problem–namely, the global capital trapped in accounts receivable as a result of archaic payment practices and the digital disconnect between large business buyers and their suppliers.
The story of TradeShift started way back in 2005, when entrepreneurs Christian, Mikkel and Gert had a vision: to connect every business in the world. So when the Danish National IT & Telecom Agency asked them to create an e-invoice network, they saw an opportunity to create something bigger. First, they built EasyTrade, the world’s first open-source trade platform.* (Did they blow a few minds and break some rules along the way? You bet they did.) Then, the trio got to work again. This time, to realize their vision of an open business platform for the whole world, not just Europe. A platform that would transform the way businesses work together. From broken to efficient; from complicated to simple; from archaic to modern.
Formally founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, processing over half a trillion USD in transaction value, and its supply chain marketplaces contain more than 35 million SKUs. Procurement, treasury, and AP departments use Tradeshift’s supply chain payments and marketplaces to digitally transform their supply chain. With the company’s unique app platform, they have access to more than 200 third-party apps and can also build their own applications. Tradeshift is headquartered in San Francisco.
Tradeshift is the only company to bring the first end-to-end supply chain payments and finance solution to business commerce with Tradeshift Pay. Using a single unified wallet, buyers can take advantage of a wide range of payment options, including virtual card payments of invoices and purchase orders, dynamic discounting, supply chain finance through bank partners, or blockchain-based payments.
“In an industry where 50% of US payments are check-based and companies around the world struggle to access finance and payments, Tradeshift Pay is a real enabler for the digitally connected economy,” said Christian Lanng, CEO and Co-founder, Tradeshift. “For the first time, businesses can go to one single wallet to handle all their payments, end-to-end, across all channels. And for the first time, you can do both regular and blockchain-based early payments in one platform in the cloud.”
With a platform that works both on and off blockchain, businesses can give smaller unbanked business and companies access to electronic payments and finance, anywhere in the world. And companies can get paid much faster–from an average of 30-45 days in EU and US down to a couple of days–helping address the $9 trillion supply chain liquidity problem.
As the first truly multi-finance solution, Tradeshift Pay is supported by more than a dozen major banks and card providers, including HSBC, Santander, and CreditEase.
As the market leader in supply chain payments, including accounts payable automation, e-invoicing, and global tax compliance solutions, Tradeshift brings a history of innovation to the growing B2B payments market, which is expected to reach $2.2 trillion globally by 2020. Tradeshift has already seen massive growth over the last few years in the category of supply chain payments and today processes as much trade as Bitcoin and Ethereum combined.