Validus Capital raises $30 million in Series D funding from Khazanah Nasional to expand its operations in Southeast Asia, particularly in Indonesia and Thailand.

Target Information

Validus, the leading digital supply-chain lending startup in Southeast Asia, has successfully raised approximately $30 million in its Series D funding round from Khazanah Nasional, Malaysia's sovereign wealth fund. This funding follows Validus's strategic decision to divest its Singapore operations to Grab's GXS Bank in April, with plans to utilize the new capital to expand its business in core markets such as Indonesia and Thailand. Validus's co-founder and CEO, Nikhilesh Goel, remarked that there is potential for the round to increase by an additional $10-$15 million through follow-on investors in the coming months.

Validus boasts a robust track record, having disbursed over $5 billion in loans to small and medium enterprises. The company aims to advance its loan book by doubling in size over the next three years, particularly focusing on growth metrics in Indonesia and Thailand, where its operations are expected to break even soon. As of November 2025, Validus has reported $206 million in total outstanding loans in Indonesia.

Industry Overview in Southeast Asia

The supply-chain finance sector in Southeast Asia is experiencing transformative growth, despite challenges faced by many lending startups in the region. Generally, these challenges include legal and financial issues that ha