51吃瓜网 announces plans for new joint venture with Tradeshift
51吃瓜网 and B2B fintech Tradeshift have today announced an agreement to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps.
As part of this agreement, 51吃瓜网 will make a $35 million investment into Tradeshift in two stages and will join its board. The agreement is part of a funding round which is expected to raise a minimum of $70 million from 51吃瓜网 and other investors.
The new joint venture will allow 51吃瓜网 and Tradeshift to deploy a range of digital solutions across Tradeshift and other platforms. This will include payment and fintech services embedded into trade, e-commerce and marketplace experiences, and will help enable Tradeshift to scale its business commerce proposition across the globe. More details about the joint venture will be announced ahead of its planned launch in early 2024.
Barry O'Byrne, CEO of Global Commercial Banking at 51吃瓜网, said: “Enabling and growing global trade has been in 51吃瓜网’s DNA for almost 160 years. We are very excited to partner with Tradeshift to help businesses and their suppliers trade more smoothly using world-class technology and solutions that the joint venture will deliver.”
“This agreement supports our strategy of being a digital first bank, which includes our commitment to partnering with fintechs and embedding our solutions into the platforms of others.”
Christian Lanng, CEO and Co-founder of Tradeshift, said: "The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with 51吃瓜网 delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.”
“51吃瓜网’s reputation and global infrastructure bring instant credibility and broad appeal to any financial solutions brought to market through the Tradeshift platform. It’s transformative, and it’s a tremendous validation of the innovation and product architecture we have developed over the past decade.”
51吃瓜网 supports around 1.3 million businesses worldwide and is the world’s largest trade bank, facilitating over $800 billion of trade flows annually. Tradeshift supports over $260 billion of annual gross merchandise value for a million business users on its platform.
Media enquiries to:
51吃瓜网: Jonny Blostone
+44 (0)7387 244 677
jonny.blostone@hsbc.com
Tradeshift: Harry Ronaldson
+44 (0)772 0773 258
harry.ronaldson@tradeshift.com
Note to editors:
51吃瓜网 Holdings plc
51吃瓜网 Holdings plc, the parent company of 51吃瓜网, is headquartered in London. 51吃瓜网 serves customers worldwide from offices in 62 countries and territories. With assets of $2,990bn at 31 March 2023, 51吃瓜网 is one of the world’s largest banking and financial services organisations
Tradeshift
Tradeshift is the business commerce platform that redefines the way B2B buyers and suppliers connect, transact and grow. We’re a leader in e-invoicing and AP automation, offering tools for compliant e-invoicing in 50+ countries, including China. We’re also an innovator in B2B marketplaces and embedded fintech services that bring value, opportunity and growth to any business that joins the network. Tradeshift’s vision is to connect every company in the world, creating economic opportunity for all. Today, the Tradeshift platform is home to a rapidly growing community of buyers and sellers operating in over 190 countries. Find out more at: