Singapore fintech firm Validus acquires expense management platform

Validus, a Singapore-based fintech firm, has acquired KlearCard’s business payments and expense management tech platform for an undisclosed sum.

The acquisition is aimed at helping Validus accelerate efforts to build a credit-led neobank focused on small and medium-sized enterprises (SMEs). Validus said the upcoming offering will provide SMEs with a comprehensive suite of financial tools and analytics to manage to grow their businesses.

Photo credit: KlearCard

Founded in 2020 by Sid Narayanan, Cian O’Dowd, and Arun Rajkumar, the platform allows businesses to instantly issue virtual corporate cards with built-in spend control features. It also allows SMEs to automate accounting processes and data entry, among other services.

KlearCard’s clientele includes multinational companies across the telecommunications, payments, and professional services industries.

By integrating KlearCard’s technology, businesses can access a personalized and live business-centric mobile interface, Validus said in a statement. 

“With the acquisition of KlearCard, we are well-positioned to strengthen our support for SMEs with one-stop financial management solutions that make it easier for them to grow and manage their business digitally,” Validus CEO and co-founder Nikhilesh Goel said in a statement.

Validus underlined that the latest acquisition comes close on the heels of the launch of its series C fundraise, which aims to raise up to US$100 million in equity and debt. 

The funds will enable Validus to strengthen its SME neobank, expand geographically to expand its support for SMEs, and cement its position as a leader in digital financial management and lending solutions for SMEs in the region, the company added.