TRADE X Secures Additional Debt Financing From Forbright Bank And Global Asset Management Company To Fuel Expansion

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New credit lines in total $ 50 million, with an accordion function up to $ 100 million, will advance TRADE X’s mission to simplify and streamline vehicle trade across countries and continents.

TORONTO, November 30, 2021 / CNW / – Commerce 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 from $ 25 million each, with an accordion function to extend up to $ 50 million. The funding will advance TRADE X’s mission to simplify and streamline vehicle trade across countries and continents.

Ryan Davidson and Luciano Butera from TRADE X

The first line of bank credit is intended for the expansion of Canada across the United States, and was provided by Forbright Bank, a financial institution recently renamed Congressional Bank. The second line of credit is intended for the expansion of Europe, Africa, the Middle East, and Asia, and was provided by a global asset management company with over $ 100 billion in assets under management.

TRADE X provides the entire B2B ecosystem – auto dealers, OEMs, large fleet owners, multinational car rental companies and mobility solution providers – with a secure, compliant and streamlined platform that manages all logistics required for the purchase and sale of used vehicles internationally. . This includes trade finance, compliance, international payments, engagement of registered importers, anti-money laundering regulations, vehicle inspection, digital trade documentation, and homologation. By promoting itself as a trusted third-party escrow, TRADE X offers peace of mind and security to all users, whether they are trading on their own continent or abroad. TRADE X simplifies the experience and ensures that every transaction is compliant, insured and monitored from start to finish.

“TRADE X addresses the main challenges and barriers in international vehicle trade, from price discovery and trade finance to customs and vehicle inspections,” said Ryan davidson, Founder and CEO of TRADE X. “We are excited about the next phase of our expansion, helping buyers and sellers transact globally, accelerate inventory turns and increase profits. We are excited to partner with Forbright to help fund our US-based business, as well as an additional global asset management firm to fuel our expansion outside of North America

“TRADE X helps bridge the gap in global auto trade, providing a secure and frictionless marketplace to connect buyers and sellers across continents and borders,” said Luciano Butera, Executive Vice President and COO of TRADE X. “We help our customers, from multinational companies to individual dealerships, access more vehicle options, better prices and a larger market to buy and sell vehicles. “

About COMMERCE X
With its seat at Ontario, Canada, TRADE X is the first global automotive market to consolidate cross-border supply and demand for auto dealers, fleet owners, rental companies, mobility solutions providers, importers and exporters, opening up new corridors to buy and sell vehicles. The TRADE X ‘Brain’ Platform is an AI-based machine learning technology that connects buyers and sellers through a transparent marketplace that helps sellers find the world’s top bidders and gives buyers access to the best markets sources and opportunities for price arbitrage. Users can transact online quickly and seamlessly 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 anywhere with a user-friendly app available 24/7 via mobile, tablet or desktop. The largest investors in TRADE X include Aimia Inc., a holding company listed on the Toronto Stock Exchange (TSX: AIM). For more information, please visit www.tradeexport.com.

About Forbright Bank
Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, member of the FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevrolet Chase, Maryland. With over $ 4.5 billion assets held and managed, the Bank offers specialized banking and credit services to clients through United States. Its Sustainable Finance, Healthcare and Specialty Lending divisions offer nationwide lending products, including personalized home loans, working capital, warehouse lines of credit and term loan purchase contracts. The Bank provides real estate loans, mortgages and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization and sustainability-focused loans, to businesses and individuals through through its Community Banking division.

FDIC member as a Bank of Congress. Congressional Bank is an Equal Housing Lender and grants loans regardless of race, color, religion, national origin, gender, disability or family status.

Contact: [email protected]

CONTACT WITH THE MEDIA:
John hanlon
JConnelly for TRADE X
(973) 796-6106
[email protected]

(PRNewsfoto / TRADE X)

(PRNewsfoto / TRADE X)

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