Hong Kong lender FundPark lands £250m facility led by HSBC
FundPark, a Hong Kong-based lender, has secured a $250 million three-year private loan with HSBC as the senior provider, increasing the firm’s total funding facility to $750 million.
FundPark bags £250 million ABS facility from HSBC
This asset-backed security (ABS) financing is the second such investment the company has bagged this year. In January, FundPark revealed that Goldman Sachs had doubled its ABS facility to $500 million, building on the $250 million it provided in April 2022.
Announced in a company LinkedIn post, FundPark says that the facility, of which HSBC will be supplying up to $200 million, will be put to use supporting e-commerce entrepreneurs.
In particular, the firm has earmarked the funding to continue expanding its footprint in the digital small and medium-sized enterprises (SMEs) sector in the Greater China market.
The ABS facility comes from HSBC’s $3 billion fund focused on health care and technology in mainland China and Hong Kong, according to Hay Yip, FundPark’s chief of staff and chief strategy officer, in an interview with Bloomberg.
Founded in 2016, FundPark aims to provide fintech start-ups with the necessary capital and insights to “bridge their needs to growth”. To date, the firm claims to have dispersed over $2 billion in funding.
