Santander InnoVentures invests in fintech firm

Tradeshift is used by a number of Fortune 500 companies, including DHL and Zurich Insurance group, and larger organisations such as the National Health Service.

The firm reported that it achieved a 250% growth rate in 2015.

Santander also revealed that it’s exploring options to apply the Tradeshift platform to its services for corporate and business customers.

Santander launched a $100m fund in July 2014 to invest in innovative and disruptive fintech businesses.

Companies in the InnoVentures portfolio include iZettle, MyCheck, Cyanogen, Ripple, Kabbage, Digital Asset, Elliptic, SigFig and Socure.

Mariano Belinky, managing partner of Santander InnoVentures, said: “Tradeshift is at the forefront of tackling a very real business need.

“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.

“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.

“As a result, the potential to provide complementary and added value services around the Tradeshift platform is particularly powerful.”