Tuesday 11th July, 2017
Santander has partnered with Tradeshift to provide supply chain finance to the 1.5 million businesses on the financial technology company's digital platform.
This joint offering extends the speed and simplicity of the purchase to pay process for clients by seamlessly linking e-invoicing to SCF provided by Santander.
The partnership will also allow Santander to develop better, more tailored products and services to finance the transactions occurring in the network.
Santander and Tradeshift plan to make the solution available, initially to UK clients, in late 2017. Tradeshift is a portfolio company of Santander Innoventures, the $200 million FinTech venture capital arm of Banco Santander.
Christian Lanng, CEO & Co-founder of Tradeshift said: 'We're excited to partner with Santander to co-develop joint financial-services propositions for trading partners. This initiative aims to reduce structural barriers for provisioning liquidity across entire supply chain to enable commerce for all. Together with Santander, we are enabling every supplier - big or small - to more easily access cash. Tradeshift has 1.5 million suppliers worldwide. The benefit to them will be real.'
José Luis Calderón, Global Head of Santander Global Transaction Banking, commented: 'We are happy to co-innovate with such a versatile partner as Tradeshift. Our joint efforts bring greater speed, simplicity, full digitization, savings and greater efficiency to a whole package of financial services propositions. We're helping large corporations and their suppliers.'