FundPark, a fintech company, has closed an asset-backed securitisation (ABS) facility of up to US$250 million (HK$1.95 billion), with HSBC providing up to US$200 million as the senior lender.
This latest financing round from HSBC allows FundPark to deploy up to US$750 million (HK$5.85 billion) in funding to support eCommerce entrepreneurs.
This marks the first milestone of the strategic partnership between the Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC. This collaboration aims to support Hong Kong’s start-up, fintech, and I&T ecosystems.
HSBC’s facility is part of its US$3 billion (HK$23.43 billion) New Economy Fund, focused on technology and healthcare sectors in Hong Kong and mainland China.
“This partnership is a true meeting of minds. Our purpose is to fund the self-belief of entrepreneurs by making working capital work for them, and in doing so positively contribute to communities and the economy. HSBC has shown a similar goal to make finance efficient and accessible to support small businesses and digital entrepreneurs, contributing to the growth of the new economy in the Greater Bay Area. We look forward to our collaboration in connecting finance and technology to deliver real impact,”
said Anson Suen, CEO and Co-founder of FundPark.
FundPark harnesses AI technology and its proprietary risk management platform to help eCommerce entrepreneurs secure working capital loans, utilising data from their online sales platforms and partners. Since 2016, FundPark has provided over US$2.5 billion in funding to over 17,000 shops trading in markets including Greater China, Southeast Asia, and the U.S.
“We are pleased to mark the first milestone of our strategic alliance with HKSTP in under three months after its inception. The tailored ABS finance solution from the HSBC New Economy Fund will support FundPark, a company from the HKSTP ecosystem, to step up its commitment to help eCommerce entrepreneurs across Greater China capture opportunities in the fast-growing market,”
said Frank Fang, General Manager, Head of Commercial Banking, Hong Kong and Macau of HSBC.
The three-year partnership agreement between HKSTP and HSBC will focus on providing tailored financing solutions and investment opportunities to companies within the HKSTP ecosystem, facilitating an international fintech corridor, supporting fintech ecosystem growth, enhancing data collaboration, and enabling solution scouting and co-creation.
Featured image credit: Edited from Freepik