Singapore-based peer-to-peer lending platform Validus Capital has reeled in SG$20.5m ($15.2m) in a series B round that included building materials supplier Siam Cement Group, Tech Crunch reported yesterday.
The round was led by Dutch development bank FMO and included participation from Cathay Financial Holdings, VinaCapital, Openspace Ventures and Vertex Ventures, the venture capital arm of Singaporean state-owned investment firm Temasek.
Siam Cement Group took part in the round through its corporate venturing subsidiary AddVentures.
Founded in 2015, Validus Capital operates an online platform through which small and medium-sized enterprises can borrow money from individual and institutional lenders.
Users apply for the loan by uploading documents such as bank and financial statements. Once the application has been approved and the documents are verified, the loan is crowdfunded by Validus Capital’s lenders.
The platform has facilitated $134m in loans since obtaining a license from the Monetary Authority of Singapore in 2017. Capital from the round will be used to further develop its technology, including its credit risk algorithm, and fuel its regional expansion.
In 2017, Vertex led a $3.6m series A round with a $3m commitment, and was joined by assorted angel investors. Validus previously closed a pre-series A round worth approximately $726,000 from angel investors.