According to Jason Ngan, Founder and CEO, Wonder, the company is thrilled to have acquired the venture debt as they will be able to provide enterprise-grade payment and fintech solutions to companies of all sizes, which will hasten Wonder’s growth throughout the APAC region.
One of Hong Kong’s leading fintech and merchants’ payments platforms, Wonder, has raised $12 million in venture debt from HSBC Innovation Banking. This debt capital follows a multi-year design and will enable Wonder to grow its operations, including T+0 instant settlement, and product development across the Asia Pacific (APAC) region, where it is also used extensively.
With this venture debt, the payments platform can expand its business and develop its full-stack omni-channel payments platform, while also catering to a range of industries, including SMEs, insurers, telecommunication companies, MNCs, consumer retailers, etc.
According to Jason Ngan, Founder and CEO, Wonder, the company is thrilled to have acquired the venture debt as they will be able to provide enterprise-grade payment and fintech solutions to companies of all sizes, which will hasten Wonder’s growth throughout the APAC region. The organisation will continue to be dedicated to innovation and aiding companies to prosper in a digital age as it begins this new journey with HSBC’s financial backing, especially by enabling SMEs to access T+0 rapid settlements and increase cash flow efficiencies throughout APAC. Ngan is confident that through this new collaboration, Wonder can be influential in radically changing the way payments are made in the future.
The Hong Kong-headquartered fintech company is the city’s first full-stack omni-channel payments platform. Wonder is famed for allowing merchants to digitally complete the KYC onboarding process within minutes, and also brings together services such as new account creation, digital payments, transaction management, etc., onto the same platform. The company has been a pioneer in introducing the T+0 feature, which enables instant payments. Its other important products are the Wonder App, Wonder Terminal, and Wonder Card, amongst others.
Prior to securing HSBC’s venture debt, the digital payments forum completed a Series A funding round led by Hong Kong Telecom (HKT). With offices in Japan, Taiwan, Singapore, etc, Wonder is working to expand its array of operations through innovation and strategic partnerships, to make digital financial services more accessible and easier across Asia.
HSBC’s Head of Innovation Banking, Asia, Jonathan Yip, said the bank remains positive about supporting such fintech innovators, as it can leverage its specialist expertise along with its extensive range of financial solutions, like the HSBC Innovation Banking, to push platforms like Wonder to become the most sought-after platform for businesses to streamline payment management.
As Hong Kong grows every day, not only as a regional but also as a global financial hub, the bank believes such partnerships are important to reinforce its commitment towards comprehensively addressing newly emerging financial needs, particularly of the rapidly expanding tech businesses.
This new collaborative effort is a milestone for Wonder, as, in the past year, it has reported a significant expansion in its gross payment volume, merchant base and other industry verticals. The company has already targeted Singapore, Australia, New Zealand, Malaysia, and other similar markets where it aims to become the fintech and payments powerhouse.
Just last week, the shares of HSBC Holdings Plc jumped 1.2%, finishing at 1,285.4 pence, just shy of their 52-week peak. The stock fluctuated between 1,271.4 and 1,285.6 pence, and trading volume reached approximately 22.6 million shares. The bank is also keen on debuting on Hong Kong’s IPO market, so much so that its drive to secure the mandate has invited much scrutiny of listing sponsors.
HSBC’s annual results are set to be published by the end of this month, and investors are predicting an updated guidance on costs and capital returns as a result of its recent positive performance on the share market.