Validus has secured US$30 million in a Series D funding round led by Khazanah Nasional, Malaysia’s sovereign wealth fund, to support its regional growth plans.
The fresh capital will be used to expand operations in Indonesia and Thailand, following the company’s exit from Singapore after selling its local business to GXS Bank, Grab’s digital bank, in April.
Founded in 2015, Validus focuses on alternative financing for small and medium enterprises (SMEs) across Southeast Asia. To date, the company has disbursed more than US$5 billion in loans and operates a vertically integrated lending platform that combines supply chain financing, in-house credit analytics and institutional funding partners.
Validus works closely with regional and international banks, as well as large corporates in Indonesia and Thailand, which together represent a supply chain financing market estimated at US$46 billion. The company noted that its Indonesia operations have been profitable for the past three years.
The new funding will help scale operations and grow its loan book, with Validus targeting a doubling of loan volumes over the next three years.
Avendus Capital served as the exclusive financial adviser for the transaction.
Commenting on the funding, co-founder and group CEO Nikhilesh Goel said the partnership with Khazanah would strengthen Validus’ ability to deliver meaningful financing solutions to SMEs, while advancing its goal of promoting financial inclusion and economic growth across Southeast Asia.
