FundPark, a Hong Kong-based Fintech, has announced the completion of an asset-backed securitization facility amounting to up to $500 million.
The arrangement was facilitated by Goldman Sachs, serving as the arranger and senior lender, marking a notable expansion of FundPark’s financial capabilities, according to the announcement.
This development is a part of FundPark’s ongoing efforts to support underserved businesses, with the company having disbursed over $2 billion in funding to more than 16,500 businesses since its inception in 2016.
Utilizing advanced AI technology, data analytics, and its proprietary risk management platform, FundPark is dedicated to aiding small and medium-sized e-commerce enterprises in securing working capital loans.
This initiative is aimed at narrowing the global trade finance gap, currently estimated at $2.5 trillion.
The new facility represents a doubling of a previous arrangement secured by FundPark in April 2022, enabling the fintech giant to scale its operations substantially.
This financial injection is poised to enhance FundPark’s support for entrepreneurs, particularly in the Asian cross-border eCommerce sector, aligning with the company’s mission to foster growth and prosperity among digital entrepreneurs, per the announcement.
Anson Suen, CEO and co-founder of FundPark, emphasized the facility’s role in accelerating the company’s expansion plans and supporting more entrepreneurs across Asia.
Meanwhile, Nicola Dondi, a Managing Director at Goldman Sachs, highlighted the potential of Asia’s cross-border e-commerce market and the facility’s capacity to meet the immediate and future growth needs of small to medium-sized enterprises.
FundPark’s growth trajectory over the past year has been impressive, with expansions in product offerings, customer base, and geographic operations. It now serves digital entrepreneurs across over 15 markets, including Greater China, Southeast Asia, Europe, and the U.S.
The company boasts a robust team of over 80 employees spread across three offices in Hong Kong and mainland China.
FundPark is set to close its Series B funding round in the first half of the year, with plans to continue leveraging its technology to introduce new solutions for the eCommerce ecosystem.
