Singapore Digest: Validus Capital expands to Indonesia; Lime to set up APAC HQ in SG

Photo: Lime

Singapore-based online financing platform Validus Capital has launched an Indonesian arm for SME financing while e-scooter startup Lime to has set up its Asia-Pacific headquarters in Singapore.

Validus Capital expands to Indonesia

Singapore-based online financing platform Validus Capital has launched an Indonesian arm for SME financing, Batumbu, entering its first Southeast Asia market outside of Singapore, according to a statement.

Batumbu, which is a partnership between Validus and Indonesia’s Triputra Group, will use proprietary technology and credit scoring systems to help provide Indonesia’s SMEs with access to growth financing from accredited, institutional and high net-worth investors.

Validus claims to have facilitated over $147 million (S$200 million) in business financing for Singapore’s SMEs in under 18 months.

Batumbu is led by Sonny Christian Joseph, who has over 23 years of SME banking experience in Indonesia and was previously the head of SME banking at Indonesian bank BTPN.

Founded in 2015, Validus Capital recently raised $15.2 million (S$20.5 million) in an oversubscribed Series B funding round led by Dutch development bank FMO.

Lime to set up APAC headquarters in Singapore

Electric scooter company Lime has selected Singapore to be its regional headquarters for Asia-Pacific, per an announcement.

The startup’s new headquarters, located in the city-state’s central business district, are slated to open in the third quarter of this year.

“Singapore is a strategic location for Lime due to its strong potential for growth and high existing adoption rate of personal mobility devices (PMDs). The country’s strengths in terms of infrastructure readiness, macroeconomic status coupled with the presence of progressive government support and regulation made this decision an easy and natural one,” said Lime Singapore general manager Ashwin Purushottam in a statement.

The startup plans to increase its local team size and expand its capabilities to include government relations, partnerships, brand and operations. It said it will announce leadership appointments and other details regarding its APAC expansion plans at a later date.

Lime operates in more than 100 cities across at least 20 countries.

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