The peer lending platform joins other non-banking entities, such as Grab, that hope to get a slice of the pie when the sector liberalizes.
Validus Capital has its eyes on a digital banking license in the city-state and intends to apply in August, when the Monetary Authority of Singapore (MAS) starts accepting applications, Ajit Raikar, the firm's CEO, told «The Business Times» (behind paywall) on Wednesday.
«We are ready to evolve into a full-service digital bank to connect communities and millennials who are digitally savvy with businesses,» Raikar said.
Last week, MAS announced that it would issue up to five digital bank licenses – up to two for digital full-bank and up to three for the digital wholesale bank – but licensees must meet the same capital requirements as full-fledged banks. Singapore-based technology giant Grab has already announced its intention to apply.
Strong Growth
Validus was founded in 2015 and is backed by the likes of Temasek Holdings’ Vertex Ventures. According to the company, it is Singapore's largest peer-to-business lending platform, facilitating over S$250 million ($184.5 million) in business financing to date.
In February, Validus raised US$15.2 million (S$20.5 million) in an oversubscribed Series B funding round led by Dutch public-private development bank FMO.
