Pax8 lines up US$50M credit with HSBC

Born-in-the-cloud distributor Pax8 has inked a global partnership with HSBC as it prepares to launch its upgraded cloud marketplace. 

The partnership will give Pax8 a $50 million line of credit that will aid its community of 30,000 partners, including its growing base in Australia and New Zealand (A/NZ). 

Pax8 said the partnership will bolster its liquidity position and “further its growth ambitions”, although noted it doesn’t intend to use the 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,” said 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.”