Aditya Hadi Pratama · · 1 min readFintech firm Validus, Citi launch $100m securitization facility
Singapore-based fintech firm Validus and global banking major Citi have announced the establishment of a US$100 million securitization facility, which is collateralized by SME loans disbursed by the former in the city-state.
The launch is also supported by Singapore-based investment manager First Plus.
Validus co-founder and group CEO Nikhilesh Goel / Photo credit: Validus
In a statement, Validus said that the collaboration rolled out in the second quarter of the year. Since then, the fintech startup has seen its number of borrowers in Singapore double and its loan book increase by 60%.
Validus was founded by Vikas Nahata, Ajit Raikar, and Nikhilesh Goel in 2015. Since then, it has disbursed more than 65,000 loans worth US$1.6 billion in total to SMEs in Singapore, Vietnam, Indonesia, and Thailand. It counts the likes of Vertex Ventures, AddVentures by SCG, and Openspace Ventures as its backers.
The fintech startup also said that it is currently raising an undisclosed amount of series C equity funding, which will be used to launch neobanking products in the region. Earlier this year, it acquired the loan portfolio of CitiBusiness, the small banking unit of Citi Singapore.
See also: 2020 was brutal for P2P lending. Here’s how Validus recovered
Editing by Miguel Cordon and Lorenzo Kyle Subido
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