Hong Kong fintech FundPark has doubled the size of its asset-backed loan led by Goldman Sachs.

The investment bank is the arranger and senior lender on a securitisation facility of up to US$500mn, according to FundPark.

The firm provides working capital and trade finance to SMEs involved in cross-border e-commerce and trade. It also provides receivables and purchase order finance.  The company, which says it has provided over US$2bn in funding since its launch in 2016, first closed the securitisation loan in April 2022, at US$250mn.

FundPark did not name the other lenders on the upsized facility, but said in 2022 that Alternative Credit Fund and Cypress Capital Hong Kong Limited were also participating as mezzanine investors.

Anson Suen, who founded FundPark after leaving HSBC in mid-2016, says the loan will help the fintech expand its funding base and product range. “Doubling the original facility serves as a powerful boost, enabling us to support more entrepreneurs, especially in Asia, and accelerate our expansion plans,” he says.

FundPark says it targets clients who have been overlooked by major lenders and who are affected by the US$2.5tn trade finance gap. The firm does not demand collateral for lending, instead using “AI technology, data analysis and [a] proprietary risk-management platform” to make credit decisions.

Nicola Dondi, a Goldman Sachs managing director, says the deal “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,” she says.