New lines of credit in aggregate totaling US$50 million, with an accordion feature up to
US$100 million, will advance TRADE
X's mission to simplify and streamline vehicle trading across
countries and continents.
TORONTO, Nov. 30, 2021 /PRNewswire/ -- Trade X Group
of Companies Inc. (TRADE X), a B2B cross-border automotive trading
platform, today announced that it has received two additional
asset-backed lines of credit to fuel its growth in North America and globally. Both are senior
secured revolving lines of credit of US$25
million each, with an accordion feature to expand up to
US$50 million. The financings will
advance TRADE X's mission to simplify and streamline vehicle
commerce across countries and continents.
The first bank line of credit is designated for expansion from
Canada throughout the US, and was
provided by Forbright Bank, a financial institution recently
rebranded from Congressional Bank. The second line of credit is
earmarked for expansion in Europe,
Africa, the Middle East, and Asia, and was provided by a global asset
management firm with over US$100
billion in assets under management.
TRADE X provides the entire B2B ecosystem – car dealers, OEMs,
large fleet owners, multinational rental car companies, and
mobility solution providers – with a secure, compliant and
streamlined platform that handles all the logistics required in
buying and selling pre-owned vehicles internationally. This
includes trade financing, compliance, international payments,
engaging registered importers, anti-money laundering regulations,
vehicle inspection, digital trade documentation, and homologation.
By standing as the trusted third-party escrow, TRADE X provides
peace of mind and security for all users, whether they are trading
within their own continent or overseas. TRADE X simplifies the
experience and ensures each transaction is compliant, insured, and
monitored from start to finish.
"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. "We
are excited for the next phase of our expansion, helping buyers and
sellers transact globally, accelerate their inventory turnover and
boost their 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"
"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 Vice
President and Chief Operating Officer of TRADE X. "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."
About TRADE X
With headquarters in Ontario, Canada, TRADE X is the first global
vehicle marketplace to aggregate cross-border supply and demand for
car dealers, fleet owners, rental companies, mobility solution
providers, importers, and exporters, opening new trading corridors
to buy and sell vehicles. The TRADE X 'Brain' platform is a
machine-learning, AI-driven technology that connects buyers and
sellers through a transparent marketplace that aids sellers in
finding the world's highest bidders and gives buyers access to the
best source markets and price arbitrage opportunities. Users can
quickly and seamlessly transact online in a secure environment with
all the complexities of international trade – compliance,
anti-money laundering regulations, vehicle inspection, currency
exchange, digital trade documentation, payments, and financing –
all managed by TRADE X. The company serves authorized buyers and
sellers everywhere with a user-friendly app available 24/7 via
mobile, tablet, or desktop. TRADE X's largest investors include
Aimia Inc., a publicly traded holding company listed on the Toronto
Stock Exchange (TSX: AIM). To learn more, please visit
www.tradexport.com.
About Forbright Bank
Forbright Bank
(www.forbrightbank.com), rebranded from Congressional Bank, Member
FDIC, is a full-service bank, commercial lender, and asset manager
headquartered in Chevy Chase,
Maryland. With over $4.5
billion of owned and managed assets, the Bank provides
specialty lending and banking services to clients across
the United States. Its Sustainable
Finance, Healthcare, and Specialty Lending divisions provide
nationwide lending products, including customized real estate
loans, working capital, warehouse lines of credit, and forward loan
purchase agreements. The Bank provides real estate loans, mortgage
loans, and other business loans, as well as sophisticated and
competitive deposit products, which will include deposits linked to
decarbonization- and sustainability-oriented loans, to businesses
and individuals through its Community Bank division.
Member FDIC as Congressional Bank. Congressional Bank is an
equal housing lender and makes loans without regard to race, color,
religion, national origin, sex, handicap, or familial status.
Contact: info@forbrightbank.com
MEDIA CONTACT:
John
Hanlon
JConnelly for TRADE X
(973) 796-6106
jhanlon@jconnelly.com
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