Validus’ Indonesian Arm Batumbu Granted Digital Lending License From OJKby Fintech News Indonesia March 15, 2021
Validus’ Indonesian subsidary Batumbu has received regulatory approval to operate as a licensed digital financing platform from the Indonesian Financial Services Authority (OJK).
Since the launch of its operations in 2019, Batumbu said that it has disbursed over S$207 million to MSMEs and recorded close to 650% annual growth last year.
Validus has received regulatory approval in three markets across Southeast Asia to date. The fintech is also licensed in Singapore as Validus Capital and in Thailand as Siam Validus.
Since its launch in 2015, Validus has facilitated over S$775 million in SME financing across Singapore, Vietnam, Indonesia and most recently, Thailand.
The company is backed by the Vertex Ventures Southeast Asia and India, and Vertex Growth Fund, Triputra Group, FMO, with a total funding of around S$50 million to date.
Jenny Wiriyanto, CEO of Batumbu shared,
“Our success in obtaining the license further validates our robust technology, processes and innovative business model. We will be building on our strategic partnerships to expand our reach and expect to boost lending to more MSMEs in local supply chains.
We’ll also be ramping up efforts to improve financing access and financial literacy within business ecosystems across provinces in Indonesia. The Batumbu team is dedicated to accelerating financial inclusion for MSMEs, to drive a more advanced and resilient Indonesia.”
Ajit Raikar Co-founder and Executive Chairman of Validus said,
“We thank the OJK team for playing an instrumental role in ensuring the responsible long-term growth of the industry. As a leading regional fintech, Validus shares the same values and goal in addressing the financing gap, essential for the growth of MSMEs and the local economy.
Our ‘glocal’ structure gives us a strategic advantage in implementing best practices, strong credit models and governance framework across our markets,”
Featured image credit: Edited from Unsplash