TradeCard, the electronic trading platform that reckons to provide an alternative to letters of credit (L/Cs) in trade finance, has reported 31 per cent revenue growth in 2008.

Despite the economic downturn, TradeCard says it added more than 1,000 new members last year.

More users

According to TradeCard, the use of trade finance products on its electronic trading platform tripled last year.

However, while TradeCard reported more members, it still has just 30,000 users worldwide.

Alternative options

TradeCard's CEO, Kurt Cavano, reckons the company will do well this year picking up business from customers seeking L/C alternatives.

"As the credit crisis continues into 2009, many companies will seek out more efficient and more economical alternatives to traditional trade finance products such as L/Cs," he says.

"TradeCard can help these companies bring financial stability to their supply chains, while at the same time reduce their trade finance costs," he concludes.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.