Singapore-based peer-to-peer (P2P) lending platform Validus has raised more than S$20.5m ($15.2m) in Series B funding round  led by Dutch development bank FMO.

Taiwanese financial services company Cathay Financial Holdings, Openspace Ventures, VinaCapital Ventures and AddVentures also participated in the funding round.

Validus fundraising: Future plans

According to media reports, Validus plans to utilise the new funding for product development and in new technologies including artificial intelligence.

Additionally, the company plans to expand its services to Indonesia and Vietnam.

Established in 2015, Validus supports the SMEs to secure short term and medium term financing.

The Validus platform helps the SMEs in need of credit with accredited and institutional investors.

Validus Capital CEO and co-founder Ajit Raikar said: “Southeast Asia is one of the fastest growing economic regions globally, where there is a clear need for alternative financing platforms such as Validus to complement the traditional banking and financial infrastructures.”

“Our mission is to become a digital ‘bank-like’ fintech for underserved SMEs, to build better business communities in emerging markets while promoting inclusive growth among the region’s SMEs using AI complemented with accessible and affordable business finance to SMEs.”

The company is said to have facilitated more than S$180m in business funding within Singapore.