Singapore’s largest SME financing platform Validus has just popped over US$14m in the bank, with US$20m in committed capital as part of its ongoing Series B+ funding.
The new windfall allows Validus to continue to invest heavily in technology and innovation, and solidify its position in the three ASEAN countries in which it operates: Singapore (headquarters), Indonesia (Batumbu) and Vietnam (Validus Vietnam). It will also fund the upcoming new venture in Thailand slated for Q4 2020.
The round was led by Vertex Growth Fund and Kuok Group’s Orion Fund managed by K3 Venture Partners. They join Validus’ other investors, including FMO (Netherlands’ public-private development bank), Vertex Ventures Southeast Asia and India, Openspace Ventures, Thailand’s AddVentures (Siam Cement Group) and Vietnam’s VinaCapital Ventures who return to fund and support the company in this latest round.
Nikhilesh Goel, co-founder of Validus, said: “Fintechs with a robust platform and resilient leadership, who are able to survive and thrive in these unprecedented times will be leaders of tomorrow. We are grateful and honoured by the vote of confidence from our Investors.
“We’d also like to commend the Government for the extensive SME relief measures designed to help businesses tide over these trying times, as well as our corporate partners whom we’re working closely with to further support SMEs and help to bolster their frontline responses to the pandemic.”
James Lee, Managing Director of Vertex Growth, added: “The industry is crossing an inflection point where demand for SME growth financing and cash flow management is increasing exponentially, and we are confident that the Validus is well-positioned to meaningfully address the SME financing gap as they continue their prudent approach to growth during this period.”
Validus is the largest SME financing platform in Singapore, focused on SME lending via funds from HNWI and institutional investors. Founded in 2015, it has facilitated over 15,000 loans totalling more than S$450 million to growing SMEs in ASEAN.