“Can a B2B e-invoicing platform turn its trade-document network into a distribution channel for bank-funded embedded supply chain finance?”
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.
Tradeshift discloses HSBC (funding partner via SemFi JV) as its sponsor bank, according to the Embedded Finance Index 2026.
Tradeshift does not disclose a bank charter of its own; its banking services are provided through HSBC (funding partner via SemFi JV).
Tradeshift's cards are issued through American Express Sync.
Tradeshift's lending and capital products are provided by HSBC (via SemFi by HSBC joint venture).
The Embedded Finance Index 2026 maps 3 layers in Tradeshift's stack: Card issuing (American Express Sync); Lending (HSBC (via SemFi by HSBC joint venture), Tradeshift Cash (invoice financing for NHS suppliers, funded by HSBC) and SemFi by HSBC (embedded invoice financing JV)); Sponsor bank (HSBC (funding partner via SemFi JV)).
Tradeshift was founded by Christian Lanng, Mikkel Hippe Brun and Gert Sylvest and is founded in 2010, headquartered in San Francisco, California.
Tradeshift has raised $1B+ in total (latest round: Later Stage VC, $70M; valuation: $1.1B (2018 unicorn round)).
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