SOURCE: New Orleans Exchange

November 26, 2007 08:30 ET

The New Orleans Exchange Announces Investment From Fidelity Ventures

New Orleans Startup Building America's First Electronic Exchange for Buying and Selling Commercial Receivables, a $25 Trillion Market

NEW ORLEANS, LA--(Marketwire - November 26, 2007) - The New Orleans Exchange announced today that Fidelity Ventures has made an investment in the company. The New Orleans Exchange is America's first centralized marketplace for providing quick and efficient access to working capital for small and middle market companies. The company is preparing to launch its initial exchange, The Receivables Exchange (www.ReceivablesXchange.com), America's first online exchange for buying and selling commercial receivables.

"Fidelity Ventures has researched and analyzed the best business models in the online world of B2B payment flow models," said Fidelity Ventures Partner Larry Cheng, who currently serves on the boards of eCredit, Prosper and mindSHIFT Technologies. "We believe The New Orleans Exchange is best positioned to transform the multi-trillion dollar asset-based lending industry and become a market leader."

"Fidelity Ventures brings significant insight to The New Orleans Exchange. We believe Fidelity Ventures' experience, relationship with Fidelity Investments' distribution network, data service providers and small business network, will be extremely valuable to us as we continue to grow and expand the business," said Justin Brownhill, Co-founder and Chief Executive Officer of The New Orleans Exchange. "Fidelity Ventures' understanding, reputation and reach in this marketplace makes for a terrific partner."

"Current estimates are that over $25 trillion in accounts receivable are booked each year on balance sheets in Corporate America, valuing the asset class in the U.S. alone at nearly half the size of the global stock market," said Nic Perkin, Co-founder and President of The New Orleans Exchange. "The Receivables Exchange solves the inefficiencies that currently exist in the marketplace for accessing working capital."

About Fidelity Ventures

Fidelity Ventures invests in technology companies at the "Go-To-Market" stage. Its 40-year track record includes hundreds of successful investments in the consumer, communications, systems and software markets. Fidelity Ventures is distinguished by the ability to accelerate market adoption for its portfolio companies' offerings, and by a global network of senior technology and business executives. Fidelity Ventures actively manages over $800 million from offices in Boston and London. Sister fund Fidelity Asia Ventures manages over $220 million from Shanghai and Hong Kong. For more information, visit www.fidelityventures.com.

About The New Orleans Exchange

The New Orleans Exchange is America's first centralized marketplace for providing quick and efficient access to working capital for small and middle market companies. Its initial electronic trading platform is The Receivables Exchange (www.ReceivablesXchange.com). The Receivables Exchange is an online marketplace for trading accounts receivable. The Receivables Exchange provides a new dimension in working capital management by connecting companies to a nationwide network of lenders who compete in real time to buy and trade receivables. Exchange participants benefit from immediate and flexible access to working capital finance at the nation's most competitive rates. The Receivables Exchange is a fast and efficient way to manage working capital at a fraction of traditional financing costs. For more information, visit www.ReceivablesXchange.com.

Contact Information

  • CONTACT:
    New Orleans Exchange
    Media Relations
    (504) 208-2431

    CONTACT:
    Fidelity Ventures
    Media Relations
    (617) 563-5800