Santander’s fintech venture fund arm, Santander InnoVentures, has invested in Tradeshift, a supply chain finance platform based in San Francisco.

Already used by the likes of DHL, Zurich Insurance Group and a number of Fortune 500 companies, the investment will be used to further develop the platform and “grow the ecosystem surrounding its B2B marketplace”.

Details of the investment were not published. Santander InnoVentures is a $100m fund established by the bank in 2014 “to get closer to the wave of disruptive innovation in the fintech space”, Santander says.

Mariano Belinky, managing partner of Santander InnoVentures, said: “Tradeshift is at the forefront of tackling a very real business need. Tradeshift gives enterprises the ability to work easily and efficiently with their entire supply chain, while providing SMEs with access to a predictable cash flow through procure-to-pay automation.”

Belinky said that Tradeshift’s technology architecture was a key differentiator: “It has built an open business network on a scalable cloud-first platform that is extensible by third-party applications.” This offers, he said, a “particularly powerful” potential to provide complementary and added value services.

Christian Lanng, CEO and chairman of Tradeshift said, “Santander InnoVentures is a natural fit as an investor because of its commitment to support and apply emerging technologies to solve the real world challenges of its customers. Santander has a track record of collaborating with its portfolio businesses. We are excited by the opportunities this investment will create to explore new offerings and different geographies around the world.”