One of the leading French Fintechs – Compte Nickel – who provides payment accounts opening and debit cards to individuals through tobacco shops network in France in less than 5 minutes, recently announced the sale of 95 % of it’s mother company’s stakes to the French bank BNP Paribas, the amount of the transaction has not been disclosed, but a main French newspaper mentioned € 200 millions as potential transaction amount.
Slightly away from the B2C ecosystem, the London headquartered HSBC, one of the leading players in global trade financing, announced a partnership with the San Francisco based FinTech TradeShift, the world leader in Working Capital Management, providing a platform that connects buyers (mainly Large Corporates) to the suppliers that they buy from (mainly SMEs), enabling the digitization of the previously manual and paper-heavy processes from interactions across the supply chains, including purchase orders and invoices.
The formal partnership between the FinTech and the bank started few months ago, as TradeShift announced in June 2016, that HSBC is among the investors who participated to the $ 75 millions Series D funding round.
HSBC and Tradeshift are currenty developing an integrated proposition that will allow buyers to automate and digitize paper-heavy supply chain processes from all their suppliers and organize supply chain financing all in one place. This game-changing solution will combine the benefits of electronic ordering and invoices, document matching and early payment capabilities.
The platform’s launch is programmed for July 2017, meanwhile HSBC announced to the UK suppliers of it’s Supply Chain Finance solutions that they will be shifted from the bank’s properiatory platform to TradeShift’s portal during 2017 and the rollout to other countries will be effective throughout the year.
The previous era of disruption led by FinTechs may be coming to an end with the “coopetition” approach between well established banks and FinTechs, will this be a start of a new chapter where FinTechs are dealing with banks’ outsourced business?
Check the Webinar provided by HSBC to the Suppliers onboarded on TradeShift :
TradeShift, a FinTech based in San Francisco, offers a cloud-based platform that connects more than 1.5 million companies globally, helping them keep track of their supply chains.
HSBC, a London headquartered leading international trade and supply chain finance solutions provider, with over 5,800 professionals across 56 countries, Processing over USD 1 million worth of trade turnover every minute.