Singaporean peer-to-peer (P2P) lending platform Validus has acquired business payments and expense management technology platform Klearcard in an undisclosed deal.
According to Fintech News Singapore, the acquisition of the KlearCard platform will pave the way for Validus to speed-up its build-out of a credit-led and SME-focused neobank. Validus claims its neobank will offer a ‘unified platform’ to provide SMEs with a fully integrated and holistic suite of financial tools and analytics to manage and grow their business.
Validus added that through the integration of KlearCard’s technology, companies can expect to have a personalised and live mobile interface that gives them the tools to manage their business efficiently and have more time to focus on growth.
The Singapore-based company recently launched its Series C fundraise and is targeting $100m in equity and debt to allow its to strengthen its neobank and expand to new markets.
Validus CEO and co-founder Nikhilesh Goel said, “With the acquisition of KlearCard, we are well-positioned to strengthen our support for SMEs with one-stop financial management solutions that make it easier for them to grow and manage their business digitally.
“We will continue to focus on product innovation and strategic investments in technology and people, which in turn, will drive success for our clients across the region.”
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