Information technology firm Wipro has been getting closer to the B2B FinTech space as of late, but it just made what is perhaps the biggest move in that effort thanks to a new partnership with Tradeshift.
In a press release on Monday (Jan. 30), Wipro announced it has invested in and launched a partnership with eProcurement solution provider Tradeshift. Together, the companies will provide a source-to-pay Business Process-as-a-Service solution to automate and digitize the procurement, finance and accounting solutions of their corporate clients. Wipro will provide its source-to-pay capabilities, while Tradeshift will lend its eProcurement platform.
“Our partnership with Wipro will enable customers to easily capitalize on the value of the Tradeshift business commerce platform and the innovative solutions we can bring to the market together,” said Tradeshift CEO and Cofounder Christian Lanng in a statement. “Wipro’s global scale and procurement services expertise will amplify the benefits gained from an agile supply chain enabled by a single, digital connection between customers and their entire supply bases, including both process efficiencies and process transformation.”
In addition to their collaboration, Wipro has reportedly made an investment in Tradeshift, though the companies did not disclose how much was provided.
“With transformation as the prime objective, enterprises are ready to adopt the next generation of process automation services, accelerating the digitization of business processes,” said Wipro Senior Vice President and Global Head of Business Process Services Nagendra P Bandaru in another statement. “Joining forces with an innovative company such as Tradeshift will provide our customers access to their global, cloud-based supply chain platform. Our combined BPaaS utility will allow customers to automate their supply chains and will usher in greater accuracy and superior efficiencies at a remarkable pace.”
Last year, Wipro announced the launch of its Open Banking API platform, offering banks and FIs the ability to develop their own distribution channels and services. Weeks prior, the firm also launched its Treasury DNA solution to provide analytics services for corporate treasurers.
Wipro’s investment in Tradeshift follows less than two months after Santander InnoVentures also made an undisclosed investment in the B2B eCommerce and supply chain management firm.