• Jul. 24, 2017, 1:43 pm

Santander, Tradeshift unite to deliver supply chain finance solution

Santander and Tradeshift have announced a global partnership deliver comprehensive digitally enabled working capital solutions, with the first fruit coming in supply chain finance.

Tradeshift sees tens of billions of dollars in monthly transactions. With Santander providing integrated and seamless trade-related financing across its open marketplace of more than 1.5 million businesses, the two can unlock significant frozen liquidity.

“We’re excited to partner with Santander to co-develop joint financial-services propositions for trading partners,” Tradeshift cofounder and CEO Christian Lanng said. “This initiative aims to reduce structural barriers for provisioning liquidity across entire supply chain to enable commerce for all. Together with Santander, we are enabling every supplier — big or small — to more easily access cash. Tradeshift has 1.5 million suppliers worldwide. The benefit to them will be real.”

“This joint offering extends the speed and simplicity of the purchase to pay process for clients by seamlessly linking e-invoicing to SCF provided by Santander,” the companies said in a statement. “The Tradeshift platform enables digital connectivity in a single business network, which will include access to a flexible and competitive source of working capital solutions to suppliers. The partnership will allow Santander to develop better, more tailored products and services to finance the transactions occurring in the network.

The solution debuts exclusively to clients in the United Kingdom late this year. Tradeshift is a portfolio company of Santander Innoventures, Banco Santander’s $200 million fintech VC firm.

 

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