Charge volumes expected to grow more than 600% this year as Tradeshift’s unique network model drives virality across fintech products and services.
SAN FRANCISCO - Oct. 14, 2021 - Tradeshift, a market leader in e-invoicing and AP automation, today announced that its virtual credit card product Tradeshift Go is on track to process $2.5 billion in charge volume this year - a sixfold increase over 2020. With this explosive growth and more than 2,000 customers, Tradeshift Go ranks as one of the largest fintech card programs in the world.
“Go is a key part of the comprehensive platform strategy we’ve built at Tradeshift combining SaaS, fintech and marketplaces,” said Christian Lanng, CEO, Tradeshift. “The virality we’re now seeing in key areas across our business is rooted in the connectivity that comes from bringing buyers and sellers together on a single global network. The more we embed access to value-added services like Go, the more compelling it becomes for businesses to join the network. It’s a virtuous circle that brings with it opportunities for massive scale and diversification.”
Accenture estimates that overall spending on business credit cards in the US will climb to $1.1 trillion in 2024 from $625 billion in 2019. Remote working measures imposed during the pandemic have triggered a rapid acceleration in commercial card usage by businesses of all sizes. A recent survey by RPMG Research Corporation found that commercial cards were the primary method used by employees to make business-related purchases. Forty percent of organizations surveyed by RPMG said they planned to increase their use of Virtual Cards during the pandemic.
“Tradeshift Go is a unique solution in how it serves both enterprise and small businesses to meet their unique needs to implement and scale corporate card programs without relinquishing control and security,” said Lanng. “There are no mystery charges, missing receipts or surprises cannibalising the budget, like there are with traditional physical cards. Our enterprise clients appreciate the predictability and small business owners like that they can maintain the perks of a single account.”
With Tradeshift Go, employees don’t have to be cardholders on a commercial card account to access payments. Budget managers can issue pre-approved, encrypted virtual cards in seconds. Purchase requests approved in Go are pre-coded with a business justification and accounting code. That information stays with the purchase all the way through the accounting process - meaning there is no need to reconcile anything when the monthly credit card bill comes in. This allows organizations to eliminate risk, control tail spend and streamline expenses.