Fintech company FundPark has closed a landmark asset-backed securitisation facility of up to $500m from Goldman Sachs.
Goldman Sachs acted as the arranger and senior lender.
Goldman Sachs managing director Nicola Dondi 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 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.”
Founded in 2016, FundPark supports fast-growing digital entrepreneurs by providing insights and capital to meet their requirements for growth.
It is enabled by the fintech’s proprietary credit model and artificial intelligence (AI) technology, allowing it to access real-time data from its global ecosystem of partners, including Amazon, eBay, Tmall and Walmart.
The firm also uses data analysis and risk-management platform to help small-to-medium-sized eCommerce enterprises secure working capital loans and extend financial inclusion.
FundPark offers more than $2bn in working capital funding and supports over 16,500 small-to-medium-sized businesses in the cross-border e-commerce sector.
The new financing deal doubles an existing facility secured by the fintech in April 2022.
According to FundPark, the added financial capital will enable it to significantly scale its operations and further broaden its support of more entrepreneurs with a focus on Asian cross-border eCommerce.
FundPark intends to close its Series B round within the first half of 2024.
Besides, the fintech firm is actively utilising its technology to develop new solutions to benefit the wider eCommerce ecosystem.
FundPark CEO and co-founder Anson Suen 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.”
