In a statement, the firm says CEO and co-founder Christian Lanng has been dismissed for "gross misconduct on multiple grounds".

“In late August of this year, Tradeshift’s newly constituted Board and management team became aware of serious allegations of sexual assault and harassment against Christian Lanng,", states the firm.

HSBC invested $35 million in the supply chain outtfit in August, following previous participation in a $250 million Series A round in 2018.

The firm says it will set up an anonymous whistleblowing line, encouraging employees to report misconduct of any kind over the channel.

"At Tradeshift, we are committed to addressing complaints of workplace misconduct without compromise, says the company. "Ensuring a safe and supportive working environment for our team is our paramount priority. Our company handbook and code of conduct outline clear behavioural expectations and policies, and all employees participate in mandatory annual training on the prevention of workplace harassment."

Lanng denies the allegations. “There has never been an HR case, complaint or formal allegation filed against me at Tradeshift. I can categorically refute any of these allegations and stand by my tenure and leadership over the last years.

"Multiple co-founders are leaving Tradeshift after being in active discussion about our exit post HSBC deal when the board moved to dismiss me.

"I have given the current management and new board every opportunity to move on peacefully. This would still be my preference, but I am now taking advice on my next steps."

The Board has appointed chief revenue officer James Stirk as acting CEO until a permanent replacement is found.