Singapore-based fintechs startup Validus has raised around $34.7 million to boost lending to small and medium-sized enterprises (SMEs) in the country, media reports said. The startup has partnered with UK-based alternative asset manager Fasanara Capital.
Around $15 million of the funding will be invested in SME financing on Validus’ peer-to-business financing platform, whereas, another $22.4 million would be injecteded into Validus’ Enterprise Financing Scheme.
In this regard, Fasanara Capital chief executive officer Francesco Filia told the media, “With Validus, we found a partner that shares the same commitment in addressing the SME financing gap through providing stable funding. Validus’ proven technology and ‘global’ structure gives them a strategic advantage in implementing best practices, strong credit models and governance framework – ingredients for a mutually beneficial partnership that we can leverage across other markets in the region.”
Last month, another Singapore-based fintech startup STACS secured fresh funding to develop blockchain platforms for financial institutions. The startup raised $3.6 million in its pre-Series A funding round. The funding round was led by Wavemaker Partners and saw participation from Singapore government-backed programme for blockchain startup Tribe Accelerator.
Ray Ferguson, Chairman at STACS told the media, “Since the 1970s, the capital markets have been fragmented, with institutions operating on different systems and ledgers, and going through a linearly-dependent process which has led to a situation whereby $800 billion of capital is being locked up every single day in the international clearing system.”