HSBC New Economy Fund signs inaugural venture debt commitment
The bank has provided funding to a Hong Kong-based insurtech firm, OneDegree.
JaneWalter
The bank has provided funding to a Hong Kong-based insurtech firm, OneDegree.
July 18, 2023
Earlier this month, Hong Kong-headquartered insurtech firm, OneDegree Group, announced receipt of its inaugural venture debt funding from the HSBC New Economy Fund.
“We had been exploring venture debt during Series B, as we consider it a good tool to reduce the cost of capital and optimise the capital structure,” OneDegree co-founder and CEO, Alvin Kwock, told FinanceAsia.
Kwock explained that OneDegree connected with the bank around the Lunar New Year, and it took approximately four months to close the deal.
“We had been collecting term sheets from banks, and one of our shareholders, Gobi Partners, introduced us to...
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