Pax8, the leading cloud commerce marketplace, announced that HSBC Innovation Banking will be the company’s primary banking partner. The newly established relationship provides Pax8 with a $50 million line of credit, bolstering the company’s already substantial liquidity position and furthering its growth ambitions. The company notes that they do not anticipate utilizing this line of credit immediately given its strong cash position.
“As we navigate the international landscape, our relationship with HSBC goes beyond just a financing partner; it’s a testament to our ambition to expand our global footprint, having already proven our model’s success across several continents. HSBC’s global reach, commitment to innovation, and fortress balance sheet further bolster our market position,” stated Puneet Pamnani, Chief Financial Officer at Pax8. “By consolidating our global banking operations with HSBC, we not only benefit from their outstanding credit reputation but also reinforce our operational position as we explore new markets.”
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In the last ten years, Pax8 has become the centerpiece of a massive cloud software ecosystem that will continue to grow exponentially. Through its community of 30,000 partners, the company provides advanced cloud solutions to 300,000 customers and ten million end-users worldwide. As the company prepares to launch the next generation of its cloud marketplace, offering partners advanced capabilities and data-driven analytics, it is perfectly positioned to dominate the global cloud market.
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“Pax8 aligns perfectly with our vision for fostering innovation on a global scale,” said Jack Mai, Vice President of Venture Debt at HSBC Innovation Banking. “Pax8’s innovative solutions, combined with their strong financial position, make it a standout in the cloud space. As a considerable number of businesses are still navigating their transition to the cloud, we’re fully committed to bolstering Pax8’s mission in spearheading this global digital transformation.”
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