Goldman Sachs Contributes $500M to a Hong Kong Based Fintech Firm
By: Asia Business Outlook Team | Tuesday, 23 January 2024
FundPark, a Hong Kong-based fintech company, has announced the closing of a landmark asset-backed securitization facility of up to $500 million. FundPark said in a statement on Jan 22 that Goldman Sachs acted as the arranger and senior lender. The announcement comes as FundPark also marks a major milestone, having provided over $2 billion in funding to over 16,500 underserved businesses since its establishment in 2016. The deal is a doubling of an existing facility secured by FundPark in April 2022.
Through this added financial capital, FundPark will be able to significantly scale its operations and further broaden its support of more entrepreneurs with a focus on Asian cross-border eCommerce. The firm is also targeting to close its Series B round within the first half of the year and is actively harnessing its technology to develop new solutions to benefit the wider eCommerce ecosystem.
“Our mission is to help digital entrepreneurs to realize their growth potential and build prosperity. Doubling the original facility serves as a powerful boost, enabling us to support more entrepreneurs, especially in Asia, and accelerate our expansion plans, this year will be exciting for FundPark as we continue to execute our strategy to evolve our funding base, product offering and technology, as well as further scale our operations,” said Anson Suen, Chief Executive Officer and Co-Founder at FundPark.