FundPark, Citi Strike First ABS Financing Partnership

Technology company FundPark said it has reached its first asset-backed securities financing partnership with Citigroup, expanding its institutional funding base. According to ETNet, FundPark said its total ABS financing capacity has now exceeded $1.25 billion. Under the deal, Citi will act as the senior tranche investor in FundPark's ABS financing programme and has committed up to $250 million. FundPark said the addition of Citi means its institutional funding platform is now backed by three leading international financial institutions, supporting financing for small and medium-sized enterprises engaged in global trade and digital commerce.