B2B automotive trading platform Trade X secured additional debt financing from Forbright Bank and a global asset management firm to help expand its growth in North America and globally.
The company said the new lines of credit total US$50 million (US$25 million each), with an accordion feature to expand up US$50 million.
“Trade X addresses the key challenges and obstacles to international vehicle commerce, from price discovery and trade financing to customs and vehicle inspections,” said Ryan Davidson, Founder and CEO of Trade X.
Davidson said the company is excited for the next phase of its expansion, which means helping buyers and sellers transact globally, accelerate their inventory turnover, and increase profits.
“We are pleased to partner with Forbright to help finance our U.S. based business, as well as an additional global asset management firm to fuel our expansion outside of North America,” said Davidson.
The first bank line of credit provided by Forbright Bank is meant to help the company with its expansion, from Canada throughout the United States. The second line of credit is earmarked for expansion in Europe, Africa, the Middle East, and Asia, which was provided by a global asset management firm that has not been named by the company.
“Trade X is helping to bridge the gaps in the global automotive trade, providing a secure, frictionless marketplace to connect buyers and sellers across continents and borders,” said Luciano Butera, Executive VP and CEO. “We are helping our clients, from multinational companies to individual dealers, gain access to more vehicle options, better pricing, and a larger market to buy and sell vehicles.”
