Tuesday 22nd January, 2019
Tradeshift has announced results from the fourth quarter of 2018, marking the eleventh quarter in a row of successive growth and beating targets.
Tradeshift’s fourth quarter growth stats announced today include:
• YoY new bookings grew 250 percent
• New total contract value grew by $59M in Q4
• YoY revenue grew 178 percent (trailing 12 months)
• Gross Merchandise Volume (GMV) more than doubled, growing by 112 percent YoY
The company’s customer roster continued strong growth this quarter adding a record 49 new customers, including Charter Hall, HSBC, Econocom and more.
“2018 was a record setting operational year for us,” said Christian Lanng, CEO and co-founder of Tradeshift. “It’s been so gratifying to see huge Fortune 500 global companies recognise the transformation they can drive in their businesses by using the Tradeshift platform. The proof is in the numbers - the deals we sold this year were incredible. I don’t see us slowing down anytime soon.”
Key Highlights in 2018 include:
- Raised $300 million in a Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments). The new round of financing brought Tradeshift’s total funding to more than $400 million, taking company valuation to $1.2 billion.
- HSBC, Santander and other major banks partnered with the company’s newly launched end-to-end payments solution, Tradeshift Pay. The launch was followed up with the announcement of six major product updates, including funder-agnostic early payment, the use of AI for accelerating the AP process, and blockchain-based financing technology.
- Added over 100 new customers, including Hertz, Shiseido, ECU, and Fortune 500 leaders in retail apparel, agriculture, engineering and construction, hospitality, travel and food delivery.
- Expanded and extended business with clients like ADM, DPDHL, Vorwerk, Hilti and NHS SBS.
- Expanded app ecosystem by adding a key partnership with Coface, a global credit insurer, launched FRDM (formerly named Made In a Free World) app and signed Transfermate as an App Partner to facilitate cross-border payments. Some other Apps partnerships that were added in FY18 were Kompany, FreightOS, and VATBox.