Tradeshift saw demand for its B2B marketplace product offering surge to a record level in 2021.
SAN FRANCISCO: Tradeshift, a leader in e-invoicing and accounts payable automation, saw demand for its B2B marketplace product offering surge to a record level in 2021, with several highly significant wins in Q4 capping a remarkable year for growth across the company’s combined portfolio of SaaS and embedded fintech services.
New customers – highlights
PT Nilam Anugerah Internasional, a diversified industries company, announced that it will be deploying Tradeshift Pay, Tradeshift Engage and Tradeshift Buy solutions to help digitize trading relationships between the largest government-backed companies across Indonesia and their supply chains.
A large business services provider signed a procurement marketplace operator agreement with Tradeshift designed to enhance the buying experience for clients in the manufacturing industry by creating a quick and easy way to identify trusted sellers and lower pricing.
Gross Merchandise Volume across the Tradeshift platform rose by 40 per cent year over year in Q4, while the number of new seller connections to Tradeshift rose by an average of 40,000 per month. Tradeshift estimates that new customers signed over the past year will bring at least $20 billion in additional GMV within scope during the initial go-live period, with potential for significant further expansion thereafter.
“B2B marketplaces have been the number one driver of new revenues for us over the past 12 months,” said Christian Lanng, CEO and co-founder, Tradeshift. “That’s a real testament to our platform strategy and the underlying strength of our network. Millions of businesses use Tradeshift to connect digitally and automate transaction workflows. When it comes to delivering a B2B marketplace solution that’s as robust on the back end as it is intuitive on the front end, we’re building on rock solid foundations. It’s a world away from the proliferation of thinly reskinned consumer sites, masquerading as enterprise products, that fail to reflect the way businesses connect and transact.”
Tradeshift announced $200m in funding and debt in Q4 to help further accelerate network growth and product development. A proportion of the new investment going towards scaling and expanding Tradeshift’s fast-growing portfolio of fintech services for buyers and sellers.
Annual charge volumes on Tradeshift Go, a virtual credit card product, surged past $2.5 billion in 2021 and more than $4bn annualized. Tradeshift Cash, which provides sellers with early payment options on the full value of their outstanding invoices has also emerged as a key driver of future revenue with massive potential to scale.
“2021 has been a transformational year for us both in terms of our business and in terms of the value proposition we can deliver to buyers and sellers,” said Christian Lanng. “Enormous growth opportunities are opening up across our entire product portfolio and we certainly do not intend to be shy about taking any steps we believe are necessary over the coming year to fully realize this potential.”
Tradeshift has made a number of strategic appointments to support the next phase of the company’s growth. Marissa Mattson joins from Amazon Web Services as Chief People Officer with a particular focus on culture and engagement, talent management, talent acquisition and Total Rewards. James Stirk has been promoted to SVP Global Sales & Marketing. Dan Russi, formerly CIO at Tradeshift, will take on a new role as SVP, Global Business Operations.
Tradeshift is a market leader in e-invoicing and accounts payable automation and an innovator in B2B marketplaces and providing access to supplier financing. Its cloud-based platform helps buyers and suppliers digitize invoice processing, automate accounts payable workflows and scale quickly. Headquartered in San Francisco, Tradeshift’s vision is to connect every company in the world, creating economic opportunity for all. Today, the Tradeshift platform is home to a rapidly growing community of buyers and sellers operating in more than 190 countries. Find out more at: Tradeshift.com
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Tradeshift undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. © 2022 Tradeshift Holdings Inc. All rights reserved.
Tradeshift products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Tradeshift Holdings Inc. in the US and other countries.