Home Industry Finance HSBC announces new JV with fintech Tradeshift The deal will see HSBC make a $35m investment into Tradeshift in two stages and also join its board by Gulf Business August 2, 2023 Image: Getty Images HSBC and B2B fintech Tradeshift have signed agreement to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps. The deal will see HSBC make a $35m investment into Tradeshift in two stages; it will also join its board. The agreement is part of a funding round which is expected to raise a minimum of $70m from HSBC and other investors. The new joint venture will allow HSBC and Tradeshift to deploy a range of digital solutions across the fintech’s and other platforms. This will include payment and fintech services embedded into trade, e-commerce and marketplace experiences, and will help enable the fintech 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. HSBC-Tradeshift JV reflects digital first strategy Barry O’Byrne, CEO of Global Commercial Banking at HSBC, said: “Enabling and growing global trade has been in HSBC’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 HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.” HSBC supports around 1.3 million businesses worldwide and facilitates more than $800bn of trade flows annually. The fintech supports over $260bn of annual gross merchandise value for a million business users on its platform. Tags b2b fintech finance HSBC Bank Technology Tradeshift 0 Comments You might also like UAE consumers worried about application failure during holiday season: Report Oracle targets training 50,000 Saudis in AI, latest tech Abu Dhabi launches free Hala Wi-Fi across emirate Dubai sets up fund to oversee government investments