Goldman Sachs doubles loan facility to Hong Kong fintech start-up FundPark to US$500 million
- Goldman Sachs’ decision to upsize its asset-backed securitisation facility is a testament to FundPark’s capability and track record, CEO Anson Suen says
- The start-up has disbursed US$2 billion to 16,500 SMEs, mainly in the cross-border e-commerce sector since its inception in 2016
FundPark, a Hong Kong-based fintech start-up that provides trade finance for small and medium enterprises (SMEs), has secured US$500 million from Goldman Sachs, the second funding facility from the US investment bank in two years.
Goldman recently doubled the asset-backed securitisation facility to up to US$500 million, from what it provided FundPark in 2022, CEO and co-founder Anson Suen Wai-loi said, adding that it was one of the largest of its kind received by a fintech firm in Asia.
“Goldman Sachs’ decision to upsize up to US$500 million is a combination of how it looks at FundPark’s track record in the past 18 months and how FundPark has the capability to deploy the capital rapidly,” he said.
The company plans to use the investment to provide loans to SMEs, which often have their requests for trade finance rejected by banks, creating a trade financing gap of US$2.5 trillion globally for small business, according to the Asian Development Bank.
Since its inception in 2016, the company has disbursed US$2 billion to 16,500 SMEs, mainly in the cross-border e-commerce sector with US dollar working capital needs. Around half of the loan disbursements happened last year.