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HSBC joins forces with Tradeshift to launch embedded finance business | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

HSBC joins forces with Tradeshift to launch embedded finance business

HSBC and Tradeshift have formed a joint venture to develop embedded finance solutions and financial services apps, aiming to enhance trade, e-commerce, and marketplace experiences.

Facts

  • HSBC and Tradeshift have partnered to create a jointly-owned business focused on developing embedded finance solutions and financial services apps.
  • The venture is backed by a two-stage $35 million investment from HSBC, part of a larger funding round for Tradeshift expected to raise at least $70 million.
  • The joint venture will embed various digital solutions, including payment and fintech services, into Tradeshift’s and other platforms’ trade, e-commerce, and marketplace experiences.
  • The partnership is expected to scale Tradeshift’s business commerce proposition and support its global expansion with HSBC joining its board.
  • HSBC’s CEO of global commercial banking, Barry O’Byrne, states that the collaboration aligns with the bank’s digital-first strategy and commitment to partnering with fintechs.
  • HSBC’s trade banking facility currently supports 1.3 million businesses worldwide, facilitating over $800 billion in annual trade flows, while Tradeshift supports $260 billion in annual gross merchandise value for about a million business users.
  • Tradeshift’s CEO, Christian Lanng, believes the partnership with HSBC will accelerate their vision of creating a trade network that benefits businesses globally. The bank’s reputation and infrastructure will enhance the appeal of the financial solutions produced through the collaboration.

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