FundPark, a Hong Kong-based fintech platform, is raising funds from investors to help plug the US$1.7 trillion global financing gap for small and medium enterprises (SMEs). FundPark provides SMEs with multiple financing options for working capital without collateral requirements, and can finance up to 70% of the purchase order or contract value. CEO and co-founder Anson Suen said that their proprietary risk-management tool uses AI technology and data analysis to develop a predictive model that allows clients to get loans without collateral. FundPark is looking to provide a much-needed solution to the SME financing gap.
Founded by three University of Hong Kong alumni, Neat is an innovative fintech company that provides SMEs with access to trade finance. With 96% of all businesses in Asia being SMEs and 40% of them having their requests for trade finance rejected, Neat is helping to bridge the US$1.7 trillion trade-finance gap. Neat has already started expanding among cross-border e-commerce merchants in Hong Kong and mainland China and has raised US$250 million in April last year from an asset-backed securitisation facility. Neat is now planning a new round of funding to further expand its services and help SMEs access the finance they need.
FundPark, founded in 2016, is a Hong Kong-based fintech company that provides financing solutions to merchants. It has supported over 7,000 merchants with a combined gross merchandise value of over US$4 billion. FundPark is located in Kwun Tong, Hong Kong, with an office in Shenzhen, and has around 100 employees. The Hong Kong Science and Technology Parks provided support and helped the company make connections with the right people, which was a critical first step for starting and growing the business. FundPark offers a range of services, including merchant cash advances, invoice financing, and working capital loans, to help businesses grow and succeed.
Hong Kong tech start-ups often lack opportunities to apply their research in real-world scenarios. To help, the government could provide a list of departmental pain points for start-ups to peruse and find opportunities to demonstrate their worth. This would enable start-ups to identify areas where their research could be applied and create solutions to address the issues. It would also provide the government with a better understanding of the potential of start-ups and the innovative solutions they can provide. This would be beneficial for both the start-ups and the government, as it would create a platform for start-ups to showcase their capabilities and help the government to identify and implement the best solutions for their needs.
