The Public Sector Pension Investment Board is among investors taking part in a $250-million round of financing for Tradeshift, a global supply chain digital payments company.

With the new round of financing, co-led by Goldman Sachs and totalling $400 million, the company is aiming to help buyers and suppliers digitize their trade transactions.

“Given the rapid increase in B2B online transactions, online marketplaces are no longer just for consumers,” said Darren Cohen, global head of principal strategic investments at Goldman Sachs, in a press release. “Tradeshift has established itself as a leader in supply chain commerce by enabling corporations around the globe to take greater control of their supply chains.”

Read: PSP Investments to buy Bombardier’s Downsview property

With the new injection of capital, Tradeshift plans to expand in Europe and Asia, as well as grow its transaction volume and make strategic investments in emerging technologies such as blockchain and artificial intelligence.

“We are very happy with this validation of our vision,” said Christian Lanng, chief executive officer and co-founder at Tradeshift, in the release. “We have always believed that the future of supply chains is 100 per cent digital and that connecting trade is just the first step to a digitally connected economy.

“This investment will enable us to continue our rapid growth and consolidate our leadership position. We welcome Goldman Sachs and PSP Investments as our newest investors and look forward to their valuable contributions as we enter our next growth phase.”

Read: Many of blockchain’s advantages come from conventional technologies, report finds

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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