‘P2B’ lender Singapore-based Validus Capital raises $15m series B round led by Dutch development bank FMO
by Yan 2019-02-26
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Validus Capital, a Singapore-based peer-to-business (P2B) financing platform for small and medium enterprises, closed a S$20.5 million (US$15 million) Series B financing round which was led by FMO, a Dutch public-private development bankOther investors include Temasek’s investment arm Vertex Ventures, which had also participated in previous rounds; Taiwan’s Cathay Financial Holdings, and Vietnam’s VinaCapital Ventures. The cash will be utilized to fund its Southeast Asia expansion, beginning with Indonesia and then Vietnam by end-2019. Validus Capital was founded in 2015, along with Funding Societies, as the two largest online lending platforms for small and micro businesses in Singapore. Validus pledges to invest heavily into artificial intelligence and machine learning to better existing systems. The company has been operating for four years and says it saw the number of loans issued jumped exponentially by 260% year-on-year to close to 2,000 within the year.