Vinay Mendonca to Lead HSBCs New Embedded Finance JV
(28 November 2023 - Global) HSBC has named the executive team that will spearhead a new embedded finance joint venture in the transaction banking arena
The business, which will launch in the first half of 2024, will be 75 percent-owned by HSBC and 25 percent-owned by B2B fintech Tradeshift.
HSBC invested $35 million in the supply chain outfit in August, following previous participation in a $250 million Series A round in 2018.
Vinay Mendonca, currently chief growth officer for HSBC’s Global Trade and Receivables Finance (GTRF) division has been named as chief executive officer. HSBC’s head of digital solutions for GTRF, Shehan Silva, has also been appointed chief operations officer (COO) for the new business.
Mendonca says the new venture will be a fintech that develops technology which will be used by HSBC to embed its transaction banking solutions into Tradeshift and other fast-growing e-commerce and marketplace venues.
“I am delighted to be leading this exciting fintech venture, which reflects HSBC’s vision to help businesses grow as they increasingly operate across e-commerce platforms.," he says. "The JV’s technology will embed HSBC solutions into such venues so that customers can access financing when and where they need it.”
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