Fintech platform Validus has brokered a deal to acquire Citi Singapore’s CitiBusiness small business loan portfolio.
The financial details of the deal and the size of CitiBusiness’ loan portfolio were not disclosed.
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Through the deal, the SME-focused fintech seeks to strengthen its top-line revenue, expand its customer base and loan book.
Validus co-founder and executive chairman Vikas Nahata said: “As we continue our relentless focus on growth, today’s acquisition marks a new inflexion 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.
“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.”
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By GlobalDataOther than Singapore, Validus has operations in Vietnam, Indonesia and Thailand.
The fintech claims to have disbursed over $1bn in loans to small businesses since its inception in 2015.
Citibank Singapore shut down Citibusiness in August 2021 after conducting a strategic review of the unit, which operated under the bank’s retail banking division.
Validus’s acquisition of Citibusiness loan book follows Citi’s agreement with Singapore’s United Overseas Bank to sell its retail operations in Indonesia, Malaysia, Thailand, and Vietnam.
