FundPark raises asset-backed securitisation facility up to $500m from Goldman Sachs
By Gloria Mathias
FundPark, a FinTech company delivering insights and capital to help fast-growth digital entrepreneurs, has announced the closing of a landmark asset-backed securitization facility of up to $500 million. 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. FundPark uses artificial intelligence (AI), data analysis, and its risk-management platform to help small and medium-sized eCommerce businesses get working capital loans and expand financial inclusion to close the $2.5 trillion trade finance gap that is currently growing worldwide.
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 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 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 securitization facility provides FundPark’s platform with 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.”
Throughout the last year, FundPark has expanded quickly, adding customers, products, and locations to support digital entrepreneurs operating in over 15 markets, including Greater China, Southeast Asia, Europe, and the United States.
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
March 01, 2024