Tradeshift, a start-up that helps businesses send and pay invoices using software, has raised $75 million from a number of big name investors including HSBC.
The latest funding round values the company at around $600 million, according to a source close to the situation.
Businesses trade with each other and need to pay for those services. Traditionally invoices would be sent via fax or other offline methods all done on paper. This is an expensive and inefficient method. Tradeshift automates that process in a kind of "social network" that connects suppliers and companies, according to chief executive Christian Lanng.
The latest round was led by Data Collective and included HSBC, American Express Ventures, Notion Capital, CreditEase Fintech Investment Fund, and Pavilion Capital, a subsidiary of Temasek Holdings.
Lanng said that being backed by large financial institutions gives Tradeshift access to a larger customer base as well as making its software the "de facto" invoicing software globally. Banks like HSBC are able to get access to data such as invoice payments by companies that could help them assess the risk profile of a potential borrower before lending them money.
"This is data they don't usually have," Lanng told CNBC in an interview.