San Francisco-headquartered B2B e-invoicing and accounts payable automation company Tradeshift has raised over US$200 million in funding from existing and new investors.
Tradeshift raised the funding, which includes debt, from Koch Industries, as well as IDC Ventures, LUN Partners, Private Shares, and Fuel Capital.
The funding will help to optimise Tradeshift growth and balance sheet to continue scaling, a statement said, and also accelerate product development.
The company has cumulatively processed over US$1 trillion in transactions. Annual charge volumes on Tradeshift Go, the company’s spend management solution for B2B virtual credit cards, are expected to surpass US$2.5 billion this year, representing a growth of 600% year on year.
“Embedding financial services directly into our product unclogs the flow of working capital across supply chains, eliminating a significant pressure point in the buyer-suppliers relationship.
As one of the first companies to recognise the potential for embedded finance in SaaS, we have been betting on the convergence of Fintech and SaaS products for a while. We’ve built the technology and distribution channels to capitalise on what is now one of the defining trends in our industry,”
said Christian Lanng, CEO and Co-founder of Tradeshift.
This article first appeared on Fintech News Switzerland.