Rothschild is pleased to work with Platinum as they make the most of the market opportunities available to them
New York, NY (PRWEB) July 11, 2006
Platinum Funding Group announced today that JPMorgan Chase and N M Rothschild & Sons have joined forces in June 2006 to step up Platinum’s financing capacity.
The two leading banks combined their financial resources to support Platinum’s growth and expansion.
“This is a very significant step in the expansion strategy of Platinum Funding Group” said Eyal Levy, Platinum’s founder and CEO. “This new funding by two major financial institutions will give Platinum the ability to support larger deals and serve its customers in the most efficient way. Platinum will be able to partake in more complex, multipart transactions” added Levy.
Chase has been providing Platinum Funding Group with a credit facility and a revolving line of credit for more than 10 years.
Back in October 2005, Rothschild extended a short term loan to Platinum Funding Group. “Based on very good results and excellent relationship with Platinum Funding Group, we have decided to replace the short term loan with a long term funding arrangement.” said Glenn Beatham, Managing Director at Rothschild UK from his London office. “We expect to see expansion in the factoring market over the next few years and believe that with such strong financial backing, Platinum Funding Group will capture a large share of this growing market” he noted. “Rothschild is pleased to work with Platinum as they make the most of the market opportunities available to them” commented Beatham.
Rothschild USA’s Senior Partner Jewelle Bickford was very active in the completion of the deal. “We have followed Eyal Levy and Platinum Funding Group for a number of years and we are very impressed with his ability to market the services of the company” said Bickford. “We felt it was the right timing to offer Platinum more financial capability” she added. “Platinum Funding Group has reached a new milestone” Bickford concluded.
With the new financing from JPMorgan Chase & N M Rothschild & Sons, Platinum will be able to originate and participate in highly structured domestic & international factoring transactions.
About Platinum Funding Group
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, Platinum Funding Group has been consistently supporting companies with annual sales between $1 million and $100 million.
Platinum Funding Group possesses the financial resources to serve the needs of clients across more than 30 industries. Platinum Funding Group holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, fast growing firms, and companies in Chapter 11.
Headquartered in New York City, with operations office in Hackensack, New Jersey, Platinum Funding Group has a network of regional offices throughout the US.
The Rothschild banking group has offices in more than 30 countries and employs some 2,000 people around the world. Through its network of subsidiaries and affiliates, the Group provides investment banking, treasury, banking, fund management, private banking and trust management services to governments, corporations and individuals worldwide.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at http://www.jpmorganchase.com.