Warburg Pincus leads $10 million TradeCard funding round
17 November 2003 | 3208 views | 0
Financial supply chain automation firm TradeCard has closed a $10 million funding round led by Warburg Pincus.
Eighteen banking partners worldwide offer various services from financing to sales and/or TradeCard white-labelling to their own customers. The firms says that transaction volume processed through the TradeCard platform has increased by 225% over the past twelve months, while the company has recorded fivefold increase in revenue from customer transactions since January 2002.
Kurt Cavano, TradeCard's chairman and CEO, says: "Last year, we measured our business in hundreds of millions of dollars in purchase orders processed. This year we are measuring our business in billions."
He says the new round of financing will enable TradeCard to continue to fund the growth and rollout of the company into new industries and countries.