Seal Software Group, a provider of solutions to discover, capture, extract and manage contracts, has secured a US$1m working capital facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group and financial partner to technology and life science companies worldwide. The new financing will be used to support Seal’s working capital needs.
Mark Williams, chief financial officer (CFO), Seal Software, said: “We’re delighted to have this support and backing from Silicon Valley Bank. One of the implications of hyper-growth is the working capital requirements it drives. This facility enables us to leverage the credit ratings of the Fortune 1000 companies buying from us, allowing us to preserve our capital.”
More companies are using the renminbi to do business with China, but few are using the business opportunities opened up by the country’s ‘Belt and Road’ trade initiatives, reports HSBC.
The World Bank Group member hopes that global institutional investors will provide funding for power, water, transportation and telecoms projects in developing markets.
A study by AFEX of clients in North America, Australia and the UK shows firms expect faster growth in international markets than domestic.
Abu Dhabi Islamic Bank announced the launch of what it says is the region’s first community-based digital bank.