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HONG KONG SAR –
Media OutReach Newswire – 12 June 2024 – Qupital, Asia’s leading data-driven fintech platform specializing in supply chain financing solutions for e-commerce businesses, is pleased to announce the successful refinancing of its securitization facility, where HSBC joins Citigroup as a senior lender in this strategic expansion of the facility. This development marks a significant milestone in Qupital’s growth and its commitment to enhancing financial accessibility for SME businesses in the new economy.
Since inception in 2016, the company has disbursed over US$2B while maintaining a remarkably low default rate of below 0.1%, establishing Qupital as the pioneer of e-commerce loans securitization in Asia. The new facility, a tailored securitization solution provided by the HSBC New Economy Fund, will bolster Qupital’s capabilities in providing competitive financing solutions, thereby facilitating global trade on platforms such as Amazon, eBay, Tmall, JD.com and Pinduoduo etc. The addition of HSBC enables Qupital to further leverage its business model and its ability to transform and enhance the supply chain financing industry, exemplifying the benefit of bank-fintech collaboration in building a more vibrant and inclusive financial landscape.
Winston Wong,
Co-founder & CEO of Qupital, expressed his enthusiasm about the collaboration, stating, “We are thrilled to renew our partnership with Citi and welcome HSBC as an additional senior lender. This enhanced facility is not just a testament to the robustness of our business potential but also a clear indicator of the trust and confidence that leading global financial institutions have in our vision. While we have completed our Series B2 fundraising round in January this year to secure fresh funding, with the expanded facility, we are better equipped to empower e-commerce businesses with more flexible and accessible financing solutions, driving their growth and contributing to global economic prosperity.”
The continued collaboration with Citi and the new partnership with HSBC will enable Qupital to increase its loan origination capacities, maintain competitive pricing, and expand its product offerings by leveraging both banks’ strong network of the digital economy. The company has continued to step up its partnership efforts to work with inventory, logistics and payment services such as Cainiao and Airwallex to penetrate the e-commerce ecosystem. With the data these partners are able to feed into Qupital’s advanced data analytics and AI-driven credit model, Qupital is geared up to set new benchmarks in the fintech financing sector, fostering significant opportunities for e-commerce trade and global economic contributions.
Media contact:
Angie Kwong
Vice President
Hashtag: #Qupital #fundraising #fintech #tradefinance #ecommerce #business #technology #HongKong #startup
The issuer is solely responsible for the content of this announcement.
