Hong Kong-based FinTech company, FundPark, has secured a $250m private loan led by HSBC.
The $250m loan was spearheaded by HSBC, with $200m coming directly from HSBC and the remaining $50m from other partners, according to a report from PYMNTS. This funding follows another $250m loan FundPark received earlier this year from senior lender Goldman Sachs and other partners.
FundPark’s core business is centred on offering working capital solutions to small- and medium-sized enterprises (SMEs) in the eCommerce sector in China. This new funding will enable the company to further support these businesses by providing them with the necessary capital to meet their day-to-day operational needs and facilitate long-term growth.
According to the company’s chief strategy officer and chief of staff, Hay Yip, the loan is part of HSBC’s $3bn “new economy” facility, which targets technology and healthcare sectors in Hong Kong and mainland China.
Chavi Jafa, head of commercial and money movement solutions, Asia Pacific, at Visa, noted, ““The tightening of monetary policy and inflationary pressures have suddenly made a lot of these corporates realize they need working capital for two reasons. One, for short-term working capital to make sure that they don’t have any operational disturbances. And two, for strategic long-term investments into newer technologies and digital solutions.”
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