FundPark Partners With Citi in ABS Funding
FundPark has secured a commitment of up to US$250 million from Citi in the two companies’ inaugural asset-backed securitisation (ABS) financing partnership, taking the Hong Kong-based fintech’s total ABS funding capacity beyond US$1.25 billion.
Citi will act as senior lender under the ABS facility, adding one of the world’s largest financial institutions to FundPark’s network of institutional funding partners. The partnership is aimed at expanding financing available to small and medium-sized enterprises involved in cross-border trade and digital commerce, it says in a statement.
The deal comes as online commerce continues to become more global and data-driven, increasing demand for financing solutions that can provide working capital to businesses operating across multiple markets.
FundPark, which describes its business «Scale up as a Service,» uses technology and data-driven credit assessment to provide financing and other growth support to digital entrepreneurs.
«Surpassing US$1.25 billion in ABS funding capacity and welcoming Citi as a funding partner marks another important milestone for FundPark,» said Anson Suen, the company’s CEO and co-founder.
Suen said the partnership would help address the evolving financing needs of businesses operating through digital and cross-border channels, where entrepreneurs require not only capital but also data-driven insights and broader ecosystem support.
For Citi, the transaction represents an expansion of its structured-finance support for the digital economy and cross-border e-commerce sector.
«As global trade increasingly digitises, scalable and innovative financing solutions are critical to sustaining the momentum of cross-border eCommerce,» said Ting Guo, Citi’s managing director and head of Asset-Backed Financing & Securitisation Asia, excluding India.
Guo said the facility would help address the funding gap facing high-growth SMEs and create additional growth opportunities for cross-border e-commerce merchants in the region.
FundPark said it has supported more than 40,000 SMEs over the past decade and facilitated more than US$9 billion in funding globally.
