Validus obtains $37.4m from Fasanara to boost SME lending in Singapore
By Leandra Monteiro
According to media reports, Fasanara Capital, an alternative asset manager from the UK, has teamed up with Singapore FinTech firm Validus to provide US$37.4 million to boost lending for the underserved and unbanked SMEs in Singapore.
Fasanara joined Validus as a lender in 2019 and since claims to have funded over 2,800 SME loans through the FinTech’s marketplace. In addition to investing over S$20 million on Validus’ marketplace to fund SME financing facilities, Fasanara has committed S$30 million in new funds to Validus’ Enterprise Financing Scheme.
“Increased access to working capital for SMEs will support business recovery, which will in turn drive job creation and enable the economy to bounce back faster,” said Milena Naitoh, head of investor relations and corporate development at Validus, according to media reports.
According to media reports, Nikhilesh Goel, Co-founder and Group CEO of Validus shared, “We are pleased to attract such strong partners to our platform and are honoured by the trust and support that Fasanara has in us. This further validates our robust technology, processes, and innovative business model while reiterating Validus’ commitment to empowering and driving financial inclusion for SMEs.”
According to media reports, Francesco Filia, CEO of Fasanara Capital added, “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 ‘glocal’ 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.”
According to the company, it has seen record growth amid the pandemic, and recently reported its strongest quarter to date with total loan disbursements exceeding S$150m. Since 2015, Validus has disbursed over S$850 million in SME loans and has helped boost lending in important supply chains across the region.
IBSi Prime News
October 18, 2021
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