FundPark secures US$250m to meet working capital needs of Asian SMEs, with Goldman Sachs as lead facilities provider, Business News

Hong Kong FinTech Accelerates Expansion Plans as it Turns to Series B

HONG KONG, April 20, 2022 /PRNewswire/ — FundPark, from Asia provider of liquidity and e-commerce technology solutions, announced the closing of an asset-backed securitization (ABS) facility of up to $250 million with Goldman Sachs as the main facility supplier.

Through this ABS facility, FundPark’s proprietary platform will be used to meet the working capital financing needs of small and medium-sized enterprises (SMEs) engaged in cross-border e-commerce activities.

Anson SuenCEO and co-founder, FundPark, said “We are delighted to have reached a historic agreement with Goldman Sachs for an ABS facility. Integrated Alternative Credit Fund and Cypress Capital Hong Kong Limited also participated as mezzanine investors. We believe this is a testament to our strategic vision at FundPark to support SMEs in the e-commerce space, leveraging our proprietary risk assessment model and market-leading position in this space.This facility will also support the continued exponential growth we have planned for FundPark by diversifying our capital base and ensuring the competitiveness of our cost of capital.

SMEs are the backbone of the Asian economy, accounting for 96% of all businesses in the region and providing two out of three jobs in the private sector. Yet, according to the latest figures from the Asian Development Bank, more than 40% of SMEs have their applications for trade finance rejected and contribute to a US$1.7 trillion trade finance gap. FundPark’s proprietary platform focuses on the fast-growing e-commerce sector and has helped over 7,000 merchants bridge this gap, providing them with fast, much-needed working capital funding. With the aim of creating social value, FundPark works with different financial institutions with a shared vision, including long-term partners such as the impact investment arm of Silverhorn.

Since its inception in 2016, FundPark has experienced significant growth, with loan advances of more than $600 million. The Series A-backed fintech company is now accelerating its expansion plans after previously backing SMBs with a combined GMV above 4 billion US dollars. Additionally, the company also plans to raise a Series B round later in the year.

Hay Yip, COO, FundParksaid, “Successful management of working capital and cash flow is essential to the sustainability of any business, especially for SMEs operating in today’s volatile market, impacted by dynamic macro headwinds.

“Our platform helps businesses by providing them with timely funding that matches their cash conversion cycle and thereby maximizing their working capital efficiency. With this facility, FundPark will be able to expand our reach to even more SMEs and make them benefit from our unique solutions.”

About FundPark Limited

Founded in 2016, FundPark is a major player Asiae-commerce based e-commerce technology and liquidity solutions provider committed to leveraging innovative financial technologies to create simple and effective products and services that provide e-commerce merchants with one-stop funding solutions for the purpose of improve working capital efficiency. To date, FundPark has supported over 7,000 merchants with a combined GMV of over 4 billion US dollars.

FundPark offers multiple working capital financing solutions to SMEs and innovative investment opportunities to institutional investors, commercial banks and other financial institutions. Thanks to its proprietary risk assessment model and an ecosystem based on strategic partnerships with various organizations, FundPark can process applications quickly and send funds as quickly as one business day, helping businesses grow their business by providing faster access to finance.

For more information, please visit the official FundPark website at www.fundpark.com.