Singapore-based lending platform Validus Capital (Validus) has surpassed over S$120 million in funding for local SMEs and businesses.
Established in 2015, Validus offers access to financing from accredited individual and institutional lenders.
The leading peer-to-business financing platform of Singapore has financed more than 1,600 loans to date, each of which took less than 24 hours to get approved, according to a Media OutReach-forwared statement on Tuesday.
The average amount funded per request is S$70,000, with a high degree of diversification across various industry classes.
Validus Chief Executive Officer (CEO) and co-founder Ajit Raikar said the company still has much work to do to empower many more SME businesses, pointing toward country's S$20 billion financing gap.
Backed by Temasek Holdings' Vertex Ventures, Validus combines extensive experience in SME financing with a smart, data-driven approach.
It acts as a peerâ€toâ€business lending marketplace that reduces financial intermediation costs -- the benefits of which are passed to both borrowers and investors.
Validus has already worked with various renowned partners such as Visa, EQ Insurance, and National University of Singapore (NUS).