← Embedded Finance Index 2026

Tradeshift

“Can a B2B e-invoicing platform turn its trade-document network into a distribution channel for bank-funded embedded supply chain finance?”

Founded2010
HQSan Francisco, California
FoundersChristian Lanng, Mikkel Hippe Brun, Gert Sylvest
Total raised$1B+
Latest roundLater Stage VC, $70M
Valuation$1.1B (2018 unicorn round)
IndustryHorizontal SaaS / Procure-to-Pay
The story

Founded 2010 in Copenhagen as a B2B e-invoicing and supply chain platform descended from Denmark's NemHandel and EU PEPPOL projects. Scaled to unicorn status by 2018 with Goldman Sachs leading a $250M round and an expected IPO. The IPO was put on hold in 2020 amid the post-WeWork tech-IPO chill, and the company pivoted toward an embedded finance strategy — culminating in the 2024 launch of SemFi by HSBC, a jointly owned (75/25) embedded supply chain finance company. Today Tradeshift's commercial focus is e-invoicing compliance and procure-to-pay, while financial services are delivered through the HSBC JV rather than in-house lending.

Last 12 months
2024-10
2025
Product timeline
2010
Founded in Copenhagen by ex-NemHandel/PEPPOL team; launched B2B e-invoicing platform· launch
2018
Raised $250M Series E led by Goldman Sachs at $1.1B valuation (unicorn)· funding
2020
Raised $240M equity+debt; IPO put on hold· funding
2021
Raised $200M led by Koch Industries· funding
2024
Launched SemFi by HSBC — embedded finance joint venture (75% HSBC / 25% Tradeshift) for invoice financing in B2B marketplaces· lending
2025
Tradeshift Cash invoice financing launched for NHS suppliers, funded by HSBC· lending
The stack
4 layers disclosed in Tradeshift’s embedded-finance stack
Card issuing
American Express Sync
Card network
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.