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Validus, a Singapore-based digital SME lending platform, secures $50M debt financing to help enterprises in Indonesia | TechCrunch

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Validus, a Singapore-based digital SME lending platform, secures M debt financing to help enterprises in Indonesia | TechCrunch

Validus, a Singapore-based digital lending platform for small and medium businesses, has secured $50 million in debt financing from HSBC under the ASEAN Growth Fund strategy.

Validus will use the proceeds to support the financial inclusion of micro, small and medium enterprises (MSMEs) in Indonesia, addressing the challenges they face in accessing financial resources.

With 64.2 million MSMEs contributing 61% of Indonesia’s GDP, according to Indonesia’s Ministry for Economic Affairs, the potential for growth is immense. These MSMEs employ about 119.6 million people, which is 97% of the total workforce in the country. However, only about 17.5 million MSME players are tapping into the online ecosystem and e-commerce. Indonesian MSMEs face significant challenges in accessing financing, mainly due to commercial banks’ stringent operational, reporting, and collateral requirements, as per a 2017 report by the World Bank. Despite government initiatives, only around 20 percent of bank loans go to MSMEs, the World Bank report said.

Vikas Nahata (Executive Chairman) and Nihkilesh Goel (CEO) co-founded the business in Singapore in 2015. They developed a supply chain-focused lending model that utilized non-traditional data access through partnerships with traditional banks and international institutions. The company has since expanded to include Indonesia (Batumbu), Thailand (Siam Validus), and Vietnam (Validus Vietnam).

“Traditional banks across the SEA region still rely on legacy credit evaluation methods for small businesses, and they are overly reliant on historical financials and real estate-backed collateral,” Goel said. “For a region experiencing GDP growth of 5-6% per annum, small businesses need access to stable and accessible working capital to grow their businesses and contribute to job creation and nation building. This is where Validus plays a major role as the largest digital SME financing provider across ASEAN.”

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Its users are MSMEs, who primarily borrow for their short-term working capital needs, Goel told TechCrunch, while lenders include major international institutions (Citi, HSBC, FMO, Credit Saison, OikoCredit) and leading local banks (CIMB Niaga, Bank Mandiri) across Indonesia and Thailand. Goel mentioned that one of its differentiators is over 100 unique partnerships throughout the Southeast Asia region.

“Validus is the largest SME financing marketplace across the South East Asia region by outstanding loan book or monthly loan disbursals where we are currently averaging $150 million of new loan disbursals per month,” Goel said.

(Left) Vikas Nahata, co-founder and Executive Chairman (Right) Nikhilesh Goel, co-founder and Group CEO
Image Credits: Validus

In the past three years, the startup has experienced growth in both revenue and net profits.

“Over the last three years, we have grown our consolidated Group revenues at a 69% CAGR and more importantly, our Indonesia business, which is our largest market amongst the four countries we operate in – has been net profit positive since 2022 and a source of positive cash flow for the Group,” Goel told TechCrunch. “Our EBITDA margins are over 50% and at a consolidated Group level we are aiming to be cash flow positive by early next year.”

The company has more than 300 staff across five countries, but it did not disclose how many customers it has.

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Its has raised approximately $75 million in total equity funding. Its previous investors include Vertex Ventures Southeast Asia and India, Vertex Growth, FMO, 01Fintech, NongHyup Financial Group, Norinchukin Bank, Aizawa Asset Management, and Lotte F&L.

Finance

Departing inspector general targets Council Office of Financial Analysis

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Departing inspector general targets Council Office of Financial Analysis

The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.

Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.

In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.

But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”

“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.

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Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.

Jim Vondruska/Jim Vondruska/For the Sun-Times

But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”

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The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .

Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”

The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.

“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.

The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.

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The office was created in 2014 to provide Council members with expert advice on fiscal issues.

For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.

Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.

Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.

The office was further required to produce activity reports quarterly, not just annually.

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Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.

Two years ago, a bizarre standoff developed in the office.

Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.

The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.

“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.

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Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.

Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

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Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

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