TRADE X lines up more debt financing for global expansion
TRADE X, a Canada-based cross-border automotive trading platform, has lined up more debt financing.
The company said Tuesday it has secured two additional asset-backed lines of credit, both of which are $25 million (USD) with accordion features to expand to $50 million.
TRADE X said the financing will be put toward its “mission to simplify and streamline vehicle commerce across countries and continents.”
The first line of credit is provided by Forbright Bank and will be used for expansion from Canada throughout the U.S. Meantime, the second line is provided by “a global asset management firm with over US $100 billion in assets under management” and will be used to expand in Europe, Africa, the Middle East and Asia.
“TRADE X addresses the key challenges and obstacles to international vehicle commerce, from price discovery and trade financing to customs and vehicle inspections,” TRADE X founder and chief executive officer Ryan Davidson said in a news release. “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”
Luciano Butera, who is the executive vice president and chief operating officer of TRADE X, added: “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. 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.”