Tradeshift, a technology solution for supply chain payments, has scored $240m in a round made of equity and debt.
Capital from the round will be used to further the growth of the platform and pursue profitability. As part of its profitability drive, the startup will look to take cost control measures and restructure global costs to take better advantage of its shared services and partners.
Tradeshift is a B2B network for supply chain purchasing and payments. Head-quartered in San Francisco, the company gives clients an end-to-end payment solution which enables them to take direct control of their invoices, early payment programmes and see future bills.
The FinTech witnessed strong growth over the past couple of years. It witnessed a revenue growth of 60% and completed more than 300 enterprise deals during 2019.
Tradeshift CEO Christian Lanng said, ?As we reach the next phase in the maturity of our business, our focus for the coming year will be about doubling down in areas where were seeing the greatest momentum while continuing to ensure we have the necessary balance in place to fully capitalize on the enormous opportunities in front of us.p>
Last year, the company achieved a $1.1bn valuation after closing a $250m Series B round. The investment was led by Goldman Sachs and the Public-Sector Pension Investment Board (PSP), with the aim of supporting Tradeshift with its expansion in Europe and Asia.
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