FundPark, a Hong Kong-based eCommerce liquidity solution and technology provider, announced Wednesday the closing of an asset-backed securitization (ABS) facility of up to $250 million with Goldman Sachs as senior facility provider.

FundPark said in a statement that through this ABS facility, its proprietary platform will serve to bridge the working capital finance needs of small to medium-sized enterprises (SMEs) engaging in cross-border eCommerce business.

The Series A-backed FinTech company is now ramping up its expansion plans and expects to raise a Series B round later in the year.

“We are delighted to secure a landmark deal with Goldman Sachs for an ABS facility. Integrated Alternative Credit Fund and Cypress Capital Hong Kong Limited also participated as Mezzanine Investors,

“We believe this is a testament to our strategic vision at FundPark of supporting SMEs in the eCommerce sector, by leveraging our proprietary risk assessment model and our market leading position in this space. This facility will also underpin the continued exponential growth we have planned for FundPark by diversifying our capital base and ensuring competitiveness of our cost of capital,” said Anson Suen, Chief Executive Officer and Co-Founder of FundPark.

According to the statement, small and medium-sized enterprises (SMEs) are the backbone of the Asian economy, representing 96 percent of all businesses in the region and providing two out of three private-sector jobs. Yet according to the Asian Development Bank’s latest figures, over 40 percent of SMEs have their trade finance requests rejected and contributing to a $1.7 trillion trade finance gap.

It said FundPark’s proprietary platform focuses on the fast growing eCommerce sector and has helped over 7,000 merchants bridge this gap, providing them with fast, and much-needed working capital finance. With the goal to create social value, FundPark works with different financial institutions with the shared vision including long-term partners such as Silverhorn’s impact investing arm.

“Successful management of working capital and cashflow is critical for the sustainability of any business, particularly for SMEs operating under the current volatile market impacted by dynamic macro headwinds,

“Our platform helps businesses by providing timely funding that matches with their cash conversion cycle and thus optimising their working capital efficiency. With this facility, FundPark will be able to broaden our reach to even more SMEs and provide them the benefit of our unique solutions,” said Hay Yip, Chief Operating Officer of FundPark.

Founded in 2016, FundPark is a preeminent Asia-based eCommerce liquidity solution and technology provider committed to leveraging innovative financial technologies to create simple and efficient products and services that provide e-commerce merchants with one-stop financing solutions with the goal of enhancing working capital efficiency.

Since its establishment in 2016, FundPark has grown significantly, with loan advancements of over $600 million. To date, the company has supported over 7,000 merchants with combined gross merchandise value (GMV) in excess of $4 billion.

The company provides multiple working capital financing solutions to SMEs and innovative investment opportunities to institutional investors, commercial banks and other financial institutions. With its proprietary risk assessment model and an ecosystem built on strategic partnerships with a variety of organizations, it can process applications quickly and dispatch funds as rapidly as one business day, helping companies grow their businesses by providing them with quicker access to funding.

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