HSBC has partnered with Tradeshift, a global B2B trade network, to launch a joint venture called SemFi by HSBC, aimed at providing embedded finance solutions for business clients. This new venture integrates HSBC’s payment, trade, and financing services into various e-commerce and marketplace platforms, including Tradeshift’s own B2B network.
Initially operating in the UK, SemFi will enable SME suppliers to access digital invoice financing through HSBC directly within e-commerce platforms. The platform also plans to offer SMEs enhanced spend management capabilities via HSBC virtual cards for greater flexibility and security.
HSBC has appointed Vinay Mendonca as CEO and Shehan Silva as COO of the new venture. Mendonca emphasized the growing need for businesses to access seamless financial solutions integrated into their e-commerce processes, stating:
“Businesses are increasingly looking for seamless financial solutions embedded within their e-commerce journeys. SemFi by HSBC aims to bring startup agility together with HSBC’s global scale to help businesses grow.”
HSBC’s involvement follows its $35 million investment in Tradeshift last year. The Danish fintech has since undergone leadership changes after allegations of sexual assault and harassment led to the dismissal of its former CEO, Christian Lanng.