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Hong Kong-based fintech start-up FundPark has secured a substantial investment of US$500 million from Goldman Sachs, marking the second funding facility from the prominent U.S. investment bank within two years.
FundPark provides trade finance solutions tailored for small and medium enterprises (SMEs).
Expansion Plans to Bridge the Trade Financing Gap
Goldman Sachs doubled the asset-backed securitization facility to US$500 million, emphasizing FundPark's noteworthy track record over the past 18 months.
According to the South China Morning Post, FundPark plans to utilize this substantial investment to extend loans to SMEs, particularly those facing rejection from traditional banks for trade finance requests. This aligns with addressing the global trade financing gap for small businesses, estimated at US$2.5 trillion by the Asian Development Bank.
Since its establishment in 2016, FundPark has disbursed an impressive US$2 billion to 16,500 SMEs, primarily operating in the cross-border e-commerce sector with U.S. dollar working capital requirements. Approximately half of the loan disbursements occurred the previous year, underscoring FundPark's rapid growth.
FundPark adopts a unique approach by providing loans without conventional collateral, such as property, relying instead on securing them through SMEs' underlying cashflows, inventory, or receivables. The company employs a proprietary AI-driven credit model to assess borrowers, tailoring financing solutions based on their specific needs and credit grading.
Advancing Trade Finance With Digital Partnerships
CEO and co-founder Anson Suen Wai-loi highlighted the sustainable and healthy performance of FundPark's underlying portfolio, surpassing market benchmarks for both banks and non-banks. The company's A.I. credit model can predict clients' business performance, including future cashflows and repayment capability.
FundPark intends to maintain strategic partnerships with major e-commerce platforms like Amazon and Walmart Marketplace and logistics service providers like Cainiao. This collaborative approach aims to enhance access to SME merchants, facilitating continued growth in the digital trade finance sector.
According to BNN Breaking, Suen anticipates sustained growth in the trade finance market as business activities increasingly shift online.
He emphasized the crucial role of digital footprints, combined with A.I. technology and data analytics, in enabling rapid online data processing and response. This approach positions FundPark to support digital SME clients in scaling their operations and unlocking their future potential, thereby bridging the substantial funding gap in the market.
Photo: Scott Webb/Unsplash
