fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

SG fintech Validus acquires CitiBusiness loan portfolio in Singapore

Team AsiaTechDaily by Team AsiaTechDaily
22 March 2022
in Featured, FinTech
0
Validus
25
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Fintech firm Validus announced that it has agreed with Citi to acquire its CitiBusiness loan portfolio in Singapore, in a move that will bolster Validus’ top line revenue, customer base, and expand its growing loan book.

This is the first time a FinTech in Southeast Asia is acquiring an established bank’s loan portfolio and customer base, and it underscores Validus’ trailblazing FinTech leadership as it continues to extend its leadership position as the top SME growth financing platform in Southeast Asia.

“As we continue our relentless focus on growth, today’s acquisition marks a new inflection point for us. This opportunity to acquire the CitiBusiness loan portfolio could not have come at a better time for us; it is a complementary fit for our existing business and will enable us to rapidly expand our customer base and loan book,” said Validus co-founder and executive chairman Vikas Nahata.

Commenting on the added value for CitiBusiness customers, Vikas said, “We are confident that there is value creation for the Citi customers who will be transferred to Validus. Through our digital platform, they will be able to access additional financing solutions to grow their business, financial services such as business accounts, cards and money transfers, and tools to manage their business finances in a smarter and more efficient way. We are excited to welcome Citi’s customers and we remain committed to delighting them with innovative products and excellent customer experiences.”

Validus’ acquisition of the CitiBusiness loan portfolio comes on top of several strategic moves by Validus recently, including the acquisition of KlearCard, a business payments and expense management technology platform.

The firm has identified several strategic drivers for growth; in addition to strategic acquisitions and investments in technology, it has also been expanding its team rapidly in Southeast Asia, with its team growing by over 25% in the past 6 months with majority coming in support of new technology and neobank initiatives.

Since its launch in 2015, Validus has disbursed over US$1 billion across more than 50,000 loans to small businesses in Singapore, Vietnam, Indonesia and Thailand. The company is backed by highly reputed VCs including FMO, Vertex Growth, Vertex Ventures Southeast Asia and India, AddVentures by SCG, K3 Ventures, Openspace Ventures and VinaCapital Ventures.

Citibank Singapore Head of Mortgage & CitiBusiness Roy Phua said the sale of the Citibusiness loan portfolio in Singapore follows its previous announcement to wind down its small business banking unit after a strategic review.

“Our priority is to ensure a smooth transition of our customers and loans to Validus, who we believe can continue to serve them and meet their needs,” Phua said.

Previous Post

Retail Ecommerce Management Platform CommerceIQ turns unicorn after US$115 million fundraise

Next Post

Tonik hints at lending and crypto products in PH

Related Posts

edit post
Korean startup AITest.AI has established itself as a market leader in training to meet the growing demand for education in AI system testing. Recently, AITest.AI launched an innovative AI-testing training course on Udemy, a global e-learning platform, and has attained the topmost position in this field.
AI & Big Data

AITest.AI Emerges as Global Leader in Artificial Intelligence System Testing Training

March 24, 2023
edit post
PhonePe
Featured

Indian fintech PhonePe raises $200m more from Walmart

March 21, 2023
edit post
Antler
Featured

Antler to invest in over 30 startups in Indonesia this year

March 21, 2023
edit post
WeBudding
Content & Games

Korean startup WeBudding partners exclusively with the most popular free app Goodnotes 5 to provide Korean digital stationery content to users globally

March 17, 2023
edit post
One Impression
Featured

One Impression raises $10m in Series A to expand product offerings

March 15, 2023
edit post
Bababos
Featured

Indonesian startup Bababos closes pre-seed funding led by East Ventures

March 15, 2023
Next Post
edit post
Tonik

Tonik hints at lending and crypto products in PH

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback