Tradeshift passes $1 trillion transaction processing milestone
Tradeshift, a market leader in e-invoicing and AP automation has announced that the cumulative value of transactions processed across its platform has passed the $1 trillion threshold.
“When we first started Tradeshift it took us two years to reach $1 billion in transactions,” said Christian Lanng, CEO, Tradeshift. “The fact that we’ve gone from $500 billion to $1 trillion in a similar timeframe is a testament to the virality that our network model creates across communities of buyers and suppliers, and the genuine value we deliver to everyone who connects to our platform.”
Tradeshift’s achievement is all the more remarkable in the context of a pandemic which brought supply chains to a near standstill in the first half of 2021. Data from Tradeshift’s Index of Global Trade Health shows global transaction volumes dropped by as much as 15% in Q2 2020 before recovering in the second half of the year. Tradeshift has seen a significant uptick in transactions across manufacturing supply chains in Europe and the US since the beginning of 2021.
“We’ve helped a lot of businesses to stay operational and get paid during an extremely volatile period,” said Lanng. “Every time a business joins our platform it unlocks a whole ecosystem of relationships that we can help to digitize. This sets us apart from the majority of enterprise software providers who remain preoccupied with building connections one at a time, with next to no value for suppliers. Products like Tradeshift Engage make the onboarding process fast, painless and valuable for suppliers right from day one. It’s a powerful proposition made all the more compelling by experiences of the past year.”
Tradeshift has signed 20 deals with large enterprises since the beginning of its financial year on February 1st, while figures for June 2021 showed the number of active businesses transacting on the Tradeshift platform had risen by 52% year on year.