Pax8, the cloud commerce marketplace, announced that HSBC Innovation Banking will be the firm’s primary banking partner. The alliance offers Pax8 with a $50m line of credit, bolstering its already substantial liquidity position and furthering its growth ambitions. The firm notes that they don’t anticipate utilising this line of credit immediately given its strong cash position.
What does the partnership mean for Pax8?
Commenting on the strategic partnership, Puneet Pamnani, Chief Financial Officer at Pax8, said, “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.”
“By consolidating our banking operations with HSBC, we not only benefit from their credit reputation but also reinforce our operational position as we explore new markets.”
In the last ten years, Pax8 has become the centerpiece of a massive cloud software ecosystem that will continue to grow exponentially. Through its 30,000 partners, the firm provides advanced cloud solutions to 300,000 clients and ten million end-users worldwide.
As Pax8 prepares to launch its next-gen cloud marketplace, offering partners advanced capabilities and data-driven analytics, it is positioned to dominate the global cloud market.
What does this mean for HSBC?
“Pax8 aligns perfectly with our vision for fostering innovation on a global scale. Pax8’s innovative solutions, combined with their strong financial position, make it a standout in the cloud space,” said Jack Mai, Vice President of Venture Debt at HSBC Innovation Banking.
“As a number of businesses are still navigating their transition to the cloud, we are fully committed to bolstering Pax8’s mission in spearheading this global digital transformation.”
To learn more about Pax8, please visit the website.
