Validus launches Vietnam arm

The platform aims to meet the $28.5b (VND486t) gap in the country’s SME industry.

Financing platform Validus is launching its Vietnamese arm with the goal of meeting the $28.5b (VND486t) small and medium enterprises’ (SMEs) the financing gap in the country, according to a press release.

Based in Ho Chi Minh City, Validus Vietnam will partner with corporates to provide SME growth financing to their vendors and subcontractors, including Medicare Vietnam and Coteccons Group member Unicons.

This is Validus’ third market in Southeast Asia after Singapore and Indonesia

The new arm will be led by Validus co-founder Nikhilesh Goel and will operate the same proprietary technology and credit scoring systems currently in use in Singapore and Indonesia.

In February, Validus secured $20.5m (US$15.2m) in a Series B funding round led by Cutch public private development bank FMO and Vertex Ventures. Five months later, the platform bared its plan to be amongst the first fintechs to apply for a digital banking licence in Singapore.