Related News

TradeCard Inc, the financial supply chain service provider, has closed a US$10mn equity financing in Series C Preferred Stock. The latest funding round was led by Warburg Pincus, the global private equity firm, which first invested in TradeCard in 1999.

TradeCard delivers immediate supply chain cost savings to global trade partners by streamlining outdated and paper-laden business processes in purchasing transactions. By managing transaction workflow across enterprises from order to settlement, TradeCard customers are able to optimise cashflow and credit lines while improving partner relationships and shortening the trade cycle.

Commenting on the new financing round, Kurt Cavano, TradeCard’s chairman and CEO, said: “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. To grow your business that fast you need happy customers, great staff, superior technology and services offerings and extensive venture capital backing. TradeCard is fortunate to have the support of Warburg Pincus, not only as investors but as business partners and advisors.”

In leading another investment round, Warburg Pincus is demonstrating its continued support for TradeCard’s unique services while recognising the company’s considerable growth.
“TradeCard’s continued accelerated growth and firm establishment in targeted industries over the past two years has been extremely encouraging,” says Cary Davis, a Warburg Pincus managing director. “We believe that with the proven success of its technology platform and services, the market traction it has developed and a sound business strategy formulated by an experienced management team, TradeCard has the right fundamentals to grow into a large and successful global enterprise.”

TradeCard’s solutions have gained significant momentum in the market by helping companies optimise trading partner connectivity and financial processes. These are some of TradeCard’s important recent achievements:

The transaction volume processed through the TradeCard Platform has increased by 225% over the past 12 months.

A fivefold increase in revenue from customer transactions since January 2002.

A customer base that includes well-known companies such as Staples, JC Penney, Linens N’ Things, Wolverine Worldwide, Hurley International, TAL Apparel, Van Heusen and Vans.

A recently granted patent by the European Patent Office (EPO) for TradeCard’s entire trade transaction platform, as well over certain elements of the process. With two US patents granted in 1998 and 2000, these European patents extend the protection of TradeCard’s unique offerings to additional geographies.

Some 18 banking partners worldwide offer various services from financing to sales of the TradeCard platform or provide a white-labelled version of the TradeCard platform to their own customers.

The new round of financing will enable TradeCard to continue to fund the growth and rollout of the company into new industries and countries.

TradeCard offers a web-based platform that automates the financial processes in supply chains that have been plagued with decades-old, paper-based solutions. With TradeCard, buyers and sellers can manage their transactions from order to settlement with complete visibility by using event management. In addition to process improvements, customers realise immediate cost savings, optimised cashflow, reduced reliance on credit lines and improved supply chain relationships. TradeCard’s partners provide automated services on the platform including supply chain financing, credit protection, money movement and inspection.