FundPark upsizes landmark financing deal of up to $500 million from Goldman Sachs

• Company crosses $2 billion milestone and eyes major expansion

• Goldman Sachs acted as the arranger and senior lender

Hong Kong, 22 January 2024 - FundPark, Asia's eCommerce liquidity solution and technology provider, has announced the closing of an asset-backed securitization (ABS) facility of up to US$250 million with Goldman Sachs as senior facility provider. Through this ABS facility, FundPark's proprietary platform will serve to bridge the working capital finance needs of small to medium-sized enterprises (SMEs) engaging in cross-border eCommerce business.

Anson Suen, CEO and co-founder at FundPark, said,"Our mission is to help digital entrepreneurs to 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 on our strategy to evolve our funding base, product offering and technology, as well as further scale our operations."

Nicola Dondi, a Managing Director at Goldman Sachs, 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 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."

FundPark has grown rapidly over the past year through the expansion of its products, customers and geographical operations to serving digital entrepreneurs transacting in over 15 markets including in Greater China, Southeast Asia, Europe and the U.S. Today, it employs over 80 people across three offices in Hong Kong and mainland China. Mike Imam, CEO and co-founder at Silverhorn Group, said, “Silverhorn has been an active investor in FundPark since 2018. We are delighted to see that FundPark has grown from strength to strength over the past years. These latest milestones are a testament to the strong vision and executional capability of the leadership team, a great example that showcases Hong Kong's entrepreneurial talent pool. This deal adds rocket fuel to FundPark, allowing the company to go even further across all dimensions and capitalise on current market dynamics. Its strong footprint in the region and in particular the Greater Bay Area, puts the company at a unique advantage in benefitting from the region's rapidly growing eCommerce sector.

"FundPark's success relies on Hong Kong's role as a crucial hub for international trade and global financial centre; without this, its achievements would not have been possible. This goes beyond just financial assistance; the favourable regulatory environment empowers FundPark to expand its operations on a larger scale, unlocking more business opportunities. As we look to the year ahead, we can expect even more developments and milestones from FundPark as they crystallise their position as the leading player in Asia for digital SMEs."

FundPark is also targeting to close its Series B round within the first half of the year and is actively harnessing its technology to develop new solutions to benefit the wider eCommerce ecosystem.