Eversheds Sutherland advises FundPark on c$200 million loan from HSBC

Eversheds Sutherland has advised FundPark, a leading fintech company delivering insights and capital to help digital entrepreneurs, on an up to US$250 million asset-backed securitisation (ABS) facility, of which HSBC will provide up to $200million as the senior lender.

This is FundPark’s second facility announced this year. In January, it announced closing of an upsized ABS facility of up to $500 million led by Goldman Sachs.

Together with this latest round of financing, FundPark will be able to deploy up to US$750m in funding to support more small-to-medium sized (SME) eCommerce entrepreneurs in the Greater Bay Area, as well as Greater China.

Notably, this transaction also marks the first collaboration facilitated by the strategic alliance of The Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC, the first of its kind public-private cooperation between the city’s leading innovation and technology ecosystem and a leading global bank.

The facility is being provided through the US$3bn HSBC New Economy Fund, which supports high-growth innovative companies and startups with tailored debt financing solutions across Hong Kong and mainland China, in support of their regional or international expansion.

Led by Partners Tom Van Hoof and Roderick Lai, the Eversheds Sutherland team comprised Associate Joanne Chan in Hong Kong, with support from Partner Jonathan Malim, and Senior AssociateLauren Alexiuk-Kilburn in the UK. 

Tom Van Hoof, Partner, Eversheds Sutherland, said:

“We’re thrilled to have supported FundPark on this innovative deal. Although ABS transactions remain a more nascent product in Asia, there is a great deal of opportunity within this space. This transaction reflects the increasing demand from fast-growing businesses in Hong Kong for that specialist legal technical advice and knowledge to help get these strategic deals over the line.”

Roderick Lai, Partner, Eversheds Sutherland, said:

“Our relationship with FundPark is important because they are a great client within our private capital and fintech practices. I am excited to see and contribute to the continued growth and success of FundPark as an up-and-coming innovative business in Hong Kong. We look forward to working with FundPark as it continues on its impressive growth trajectory.”

Hay Yip, Chief Strategy Officer and Chief of Staff of FundPark, said:

“We continue to be grateful for the fantastic support provided by the Eversheds Sutherland team, who have already worked closely with us on a number of crucial transactions in this space. They have been with us every step of the way, a trusted legal adviser, building a comprehensive knowledge of our business and in turn, our strategic objectives. We look forward to continuing our partnership with them.”