- FundPark, a Hong Kong-based capital financing provider, has doubled its asset-backed securitization (ABS) facility with Goldman Sachs to $500 million.
- The expansion follows an earlier $250 million ABS facility secured in April 2022, led by Goldman Sachs as the senior facility provider, with participation from Integrated Alternative Credit Fund and Cypress Capital Hong Kong.
- Anson Suen, FundPark’s CEO, emphasized during the initial facility formation that it would support the fintech’s exponential growth by diversifying the capital base and ensuring competitiveness in the cost of capital.
- Goldman Sachs has returned this week to provide an additional $250 million to FundPark in the form of a three-year private loan.
- FundPark, utilizing AI and data analytics, delivers working capital finance to small and medium-sized enterprises (SMEs) engaged in cross-border e-commerce, reinforcing its credit model and lending capacity with the expanded facility.
- The increased facility, backed by FundPark’s cash flow, receivables, and customer inventory, aims to reach more underserved digital SMEs and facilitate expansion into new markets.
- Since its establishment in 2016, FundPark claims to have disbursed over $2 billion in financing to approximately 16,500 SMEs.
