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 â€“ car dealers, OEMs, large fleet owners, multinational rental car companies, and mobility solution providers â€“ 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 â€“ compliance, anti-money laundering regulations, vehicle inspection, currency exchange, digital trade documentation, payments, and financing â€“ 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.
JConnelly for TRADE X
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