- Company crosses $2 billion milestone and eyes major expansion
- 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 establishment in 2016. FundPark harnesses AI technology, data analysis and its proprietary risk-management platform to help small-to-medium sized eCommerce enterprises secure working capital loans and extend financial inclusion to address the world's growing $2.5 trillion trade finance gap[1].
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.
Anson Suen, CEO and co-founder at FundPark, said, "Our mission is to help digital entrepreneurs to realise 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 on our strategy to evolve our funding base, product offering and technology, as well as further scale our operations."
Nicola Dondi, a Managing Director at Goldman Sachs, said, "In the fastest growing region in the world, Asia's cross-border eCommerce market shows promise. This asset-backed securitisation facility provides FundPark's platform the ability to provide small to medium sized enterprises with the capital required to bridge both immediate and future growth needs. We are focused on providing leading companies with financing to achieve their goals and potential."
FundPark has grown rapidly over the past year through the expansion of its products, customers and geographical operations to serving digital entrepreneurs transacting in over 15 markets including in Greater China, Southeast Asia, Europe and the U.S. Today, it employs over 80 people across three offices in Hong Kong and mainland China.
Mike Imam, CEO and co-founder at Silverhorn Group, said, "Silverhorn has been an active investor in FundPark since 2018. We are delighted to see that FundPark has grown from strength to strength over the past years. These latest milestones are a testament to the strong vision and executional capability of the leadership team, a great example that showcases Hong Kong's entrepreneurial talent pool. This deal adds rocket fuel to FundPark, allowing the company to go even further across all dimensions and capitalise on current market dynamics. Its strong footprint in the region and in particular the Greater Bay Area, puts the company at a unique advantage in benefitting from the region's rapidly growing eCommerce sector.
"FundPark's success relies on Hong Kong's role as a crucial hub for international trade and global financial centre; without this, its achievements would not have been possible. This goes beyond just financial assistance; the favourable regulatory environment empowers FundPark to expand its operations on a larger scale, unlocking more business opportunities. As we look to the year ahead, we can expect even more developments and milestones from FundPark as they crystallise their position as the leading player in Asia for digital SMEs."
FundPark 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.
[1] Asian Development Bank, 2023
About FundPark
FundPark is a fintech scale-up supporting fast growth digital entrepreneurs by delivering insights and capital to bridge their needs to growth. This is enabled by its proprietary credit model and AI technology, enabling it to harness real time data from its global ecosystem of partners including Amazon, eBay, Tmall and Walmart. Founded in 2016 in Hong Kong, FundPark has grown substantially, providing over US$2 billion in working capital funding and supporting over 16,500 small-to-medium sized businesses in the cross-border eCommerce sector. www.fundpark.com
Source: FundPark
Reporter: PR Wire
Editor: PR Wire
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