B2B supply chain management company Tradeshift just secured backing from Santander's venture capital arm.
Reports Monday (Dec. 5) said Santander InnoVentures made a portfolio investment in Tradeshift, though reports did not say how much was provided.
"Tradeshift gives enterprises the ability to work easily and efficiently with their entire supply chain, while providing SMEs with access to a predictable cash flow through procure-to-pay automation," said Santander InnoVentures Managing Partner Mariano Belinky in a statement. "Tradeshift has built an open business network on a scalable cloud-first platform that is extensible by third-party applications. This architecture is a key differentiator."
According to reports, Santander will have access to Tradeshift's infrastructure to develop its own solutions that can land on the supply chain platform and service mutual corporate customers.
"Santander has a track record of collaborating with its portfolio businesses," explained Tradeshift CEO and Chairman Christian Lanng in another statement. "We are excited by the opportunities this investment will create to explore new offerings and different geographies around the world."
Earlier this year, Tradeshift made its own investment in the form of an acquisition of Hyper Travel, which offers an app that uses artificial intelligence to connect travelers to travel agents. The takeover would support Tradeshift's existing travel booking services under the Tradeshift Go offering, which similarly uses artificial intelligence to aid corporate travelers.
The company also recently made large investments in China to strengthen its position in the market. In an interview with PYMNTS last week, Tradeshift Cofounder Mikkel Hippe Brun highlighted the long cash flow cycles of Chinese corporates and the need for streamlined supply chain processes.