TradeRocket Enters Into an Agreement With Hitachi Capital America to Fund Mid-Market Financial Supply Chain
Feb 02, 2016, 08:30 ET
ATLANTA, Feb. 2, 2016 /PRNewswire/ -- TradeRocket, a next generation FinTech company, has entered into an agreement with Hitachi Capital America Corp. to provide working capital to the mid-market through an innovative supply chain financing program.
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Launching in February, 2016, the funding under this agreement will come from Hitachi Capital America's trade finance division, which plans to fund more than $2 billion in its fiscal year ending March 31, 2016.
Trade Rocket's enterprise based global supply chain financing platform allows:
- Buyers to obtain up to $5M of funding to support their supply chain
- Suppliers the option to be paid early
- Funders access to a recurring flow of short-term, low risk, high return investment opportunities
"TradeRocket has identified a market that Hitachi Capital America can help by improving the liquidity, balance sheets and trading relationships of companies within that sector. Their solution, backed by our capital, will help to accelerate growth with participating companies, and will have a ripple effect of providing additional critical capital to their suppliers," says Tom Cross of Hitachi Capital America.
TradeRocket will provide Hitachi Capital with a pool of mid-market buyers: companies with annual revenues of $25 million to $500 million. Once underwritten, a buyer will be able to provide an Early Pay invoice option to its entire supplier network.
"TradeRocket's platform will provide Hitachi Capital with direct access to a network of mid-market buyers, and their associated suppliers. With their financial strength our market knowledge, and data driven marketing, we anticipate significant growth in the coming 24 months," says Jim Eckstein, CEO, TradeRocket.
Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to Hitachi group companies and the commercial business sector in the United State and Canada. Hitachi Capital America offers a variety of financing solutions with a business focus on trade, truck, vendor, and medical equipment finance, as well as lease discounting and software financing. Hitachi Capital America is a wholly owned by Hitachi Capital Corporation, Tokyo, Japan. Together with its parent and sister companies located in the United Kingdom, Singapore, Hong Kong, Thailand, Malaysia, Indonesia and China, Hitachi Capital serves its customers and the Hitachi group of companies worldwide.
TradeRocket is a next-generation, financial technology company for the mid-market that enables buyers, sellers, and funders to seamlessly work together. TradeRocket makes it possible to quickly and easily convert buyers' AP departments into profit centers, allow suppliers to accelerate their cash flow according to their own discretion, and empowers funders to originate a high-volume pipeline of short-term, low-risk assets. www.traderocket.net
Wendy Glavin: TradeRocket
Email, 917-680-8517
SOURCE TradeRocket