TradeCard raises an additional US$10m for major push into the mainland

TradeCard has raised an additional US$10 million in equity financing, luring backers with its growing revenue and the promise of expanding into the mainland.

The company, which started in Asia and provides an online document management and payment settlement service, raised the funds through Warburg Pincus, which is also a majority shareholder in TradeCard. Warburg Pincus had helped New York-based TradeCard secure its initial financing of US$70 million.

Kurt Cavano, TradeCard chairman and chief executive, said the new funding came at a time when the company was on track to record 100 per cent growth in membership to 600 companies and was continuing to post monthly revenue growth of 15 per cent, despite the slow economy.

'This additional funding reaffirms that our investors see our achievements and are committed to our success,' he said.

Part of the new funding would be used to strengthen marketing programmes, including a big push into China. TradeCard, which has its Asia-Pacific headquarters in Hong Kong, provides an alternative to expensive paper-based and labour-intensive trade settlement methods.

Its Web-based system enables buyers and sellers to initiate, conduct and settle transactions online through a secure network.

The company also offers a patented data-compliance engine, assurances of payment, money movement and access to logistics, inspection, insurance and financing services.