SME lender FundPark doubles credit facility with Goldman Sachs to $500m
FundPark, a capital financing provider for global exporters and importers based in Hong Kong, has doubled its asset-backed securitisation (ABS) facility with Goldman Sachs to $500 million.
FundPark increases credit facility with Goldman Sachs
The expansion builds on an earlier $250 million ABS facility secured by the fintech in April 2022 through a deal that was led by Goldman Sachs as senior facility provider, and which also saw Integrated Alternative Credit Fund and Cypress Capital Hong Kong participate as mezzanine investors.
During the formation of the initial facility, Anson Suen, CEO and co-founder of FundPark, said it would “underpin the continued exponential growth we have planned for FundPark by diversifying our capital base and ensuring competitiveness of our cost of capital”.
Proving that this intention has been delivered at least in some capacity, Goldman Sachs has returned to the deal this week to deliver another $250 million to FundPark in the form of a three-year private loan.
As a platform that leverages artificial intelligence (AI) and data analytics to deliver working capital finance to small and medium-sized enterprises (SMEs) operating cross-border e-commerce businesses, the expanded facility – which is asset-backed by the fintech’s cash flow, receivables and customer inventory – will further reinforce FundPark’s credit model and lending capacity.
Since its founding in 2016, the fintech claims to have disbursed more than $2 billion in financing to around 16,500 SMEs.
Speaking on its new deal with Goldman Sachs via LinkedIn, FundPark comments: “This funding injection will enable us to reach even more underserved digital SMEs and expand into new markets.”
