SME lending platform Validus approved as a PFI by Enterprise Singapore

This is the first time that fintechs have been onboarded under the scheme, alongside local banks and established financial institutions such as DBS, OCBC Bank, United Overseas Bank and Hong Leong Finance Ltd.

Under the Enterprise Financing Scheme, Validus will provide working capital solutions to SMEs. The government-assisted financing and risk-sharing schemes are part of the Singapore government's initiatives to help support the needs of local businesses especially during the pandemic. These schemes offer up to 90% risk sharing when financing is given to SMEs by the participating financial institutions (Validus included now). The PFIs must follow due process as listed and agreed with Enterprise Singapore for the disbursements.

In May 2020, Validus raised USD 14 million in its ongoing Series B+ funding round led by Vertex Growth with follow-on funding from Vertex Ventures SEA & India.