Validus announced that it has entered into an agreement to acquire CitiBusiness’ loan portfolio in Singapore. The move is set to bolster Validus’ revenue, customer base, and expand its growing loan book. Validus’ acquisition of the CitiBusiness loan portfolio comes on top of several strategic moves by Validus recently, including the acquisition of KlearCard, a business payments and expense management technology platform. The company has also been expanding its team rapidly in Southeast Asia, with its team growing by over 25% in the past 6 months with majority coming in support of new technology and neobank initiatives.
Validus has disbursed over US$1 billion across more than 50,000 loans to small businesses in Singapore, Vietnam, Indonesia, and Thailand. Validus is Southeast Asia’s largest SME financing platform for small businesses, individual and institutional investors. Using data analytics and AI to avail growth financing to underserved SMEs, Validus aims to drive inclusive growth for SMEs and economies in the ASEAN region.