TradeRocket strikes working capital pact with Hitachi Capital
02 February 2016 | 2195 views | 0
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.
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.