Singapore-based SME growth financing platform Validus announced that it has acquired the business payments and expense management platform by KlearCard for an undisclosed sum.
In a press statement, Validus said the acquisition was meant to “pave the way for the company to accelerate its build-out of Southeast Asia’s first credit-led SME focused Neobank.”
By integrating KlearCard’s technology, this Neobank aims to offer a unified platform to provide SMEs with the financial tools and analytics to manage and grow their business.
“SMEs have rapidly adapted and embraced digitalisation to keep their businesses thriving amid the pandemic. 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,” said Nikhilesh Goel, Co-founder and Group CEO of Validus.
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Validus has recently launched its Series C fundraises, targeting US$100 million in equity and debt, following the announcement of its Series B funding round in May 2020. This funding is meant to support Validus in its plan to launch a Neobank and expand geographically.
The company already has a presence in other Southeast Asian countries such as Indonesia and Vietnam.
Launched in 2020 by Sid Narayanan, Cian O’Dowd, and Arun Rajkumar, KlearCard is a Singapore-based expense management platform that counted companies in telecommunications, F&B, payments and professional services industries as its clients.
Its platform enables businesses to instantaneously issue virtual corporate cards with built-in spend control features, enabling them to save time and cost by simplifying accounting workflows, approvals and audits with full integration to common accounting software.
Narayanan stated that as a bootstrapped company, KlearCard was able to see a 50 per cent month-on-month growth in transaction volumes.
e27 has reached out to Validus to find out more details about the acquisition.
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