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Validus, a Singapore-based SME lending platform, secures $50 million in debt financing to help businesses in Indonesia

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

StrongSingapore-based small and medium-sized enterprise lending platform has raised $50 million in debt financing from HSBC as a part of ASEAN Growth Fund strategy.

Validus will use the funds raised to support the financial inclusion of micro, small and medium-sized enterprises (SMEs) in Indonesia by addressing the challenges they face in accessing finance.

64.2 million SMEs account for 61% of Indonesia’s GDP. according to the Indonesian Ministry of EconomyThe growth potential is large. These SMEs employ about 119.6 million people, which is 97% of the overall workforce in the country. However, only about 17.5 million SME players use the web ecosystem and e-commerce. Indonesian SMEs face significant challenges in accessing finance, mainly due to stringent operational, reporting and security requirements of economic banks, according to 2017 World Bank reportAccording to a World Bank report, despite government initiatives, only about 20 percent of bank loans go to SMEs.

Vikas Nahata (CEO) and Nihkilesh Goel co-founded the corporate in Singapore in 2015. They developed a supply chain-focused lending model that leveraged custom 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 in the SEA region still rely on traditional methods of assessing small business credit and are overly dependent on historical financial data and collateral secured by real estate,” Goel said. “In a region where GDP is growing at 5-6% annually, small businesses need access to stable and affordable 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 provider of financing to small and medium-sized enterprises in the entire ASEAN.”

Its users are SMEs that borrow mainly for short-term working capital needs, Goel told TechCrunch, while lenders include large international institutions (Citi, HSBC, FMO, Credit Saison, OikoCredit) and leading local banks (CIMB Niaga, Bank Mandiri) in Indonesia and Thailand. Goel mentioned that one among its differentiators is its 100-plus unique partnerships across the Southeast Asian region.

“Validus is the largest SME financing marketplace in the Southeast Asian region in terms of outstanding loans or monthly loan disbursements. We currently disburse an average of $150 million in new loans per month,” Goel said.

(Left) Vikas Nahata, Co-founder and Executive Chairman (Right) Nikhilesh Goel, Co-founder and Group CEO
Image sources: Strong

Over the past three years, the startup has seen growth in each revenue and net profit.

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

The company employs greater than 300 people in five countries but didn’t disclose how many purchasers it has.

It has raised roughly $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.

This article was originally published on : techcrunch.com
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US medical device giant Artivion says hackers stole files during a cybersecurity incident

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Artivion, a medical device company that produces implantable tissue for heart and vascular transplants, says its services have been “disrupted” resulting from a cybersecurity incident.

In 8-K filing In an interview with the SEC on Monday, Georgia-based Artivion, formerly CryoLife, said it became aware of a “cybersecurity incident” that involved the “compromise and encryption” of information on November 21. This suggests that the corporate was attacked by ransomware, but Artivion has not yet confirmed the character of the incident and didn’t immediately reply to TechCrunch’s questions. No major ransomware group has yet claimed responsibility for the attack.

Artivion said it took some systems offline in response to the cyberattack, which the corporate said caused “disruptions to certain ordering and shipping processes.”

Artivion, which reported third-quarter revenue of $95.8 million, said it didn’t expect the incident to have a material impact on the corporate’s funds.

This article was originally published on : techcrunch.com
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It’s a Raspberry Pi 5 in a keyboard and it’s called Raspberry Pi 500

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Manufacturer of single-board computers Raspberry Pi is updating its cute little computer keyboard device with higher specs. Named Raspberry Pi500This successor to the Raspberry Pi 400 is just as powerful as the present Raspberry Pi flagship, the Raspberry Pi 5. It is on the market for purchase now from Raspberry Pi resellers.

The Raspberry Pi 500 is the simplest method to start with the Raspberry Pi because it’s not as intimidating because the Raspberry Pi 5. When you take a look at the Raspberry Pi 500, you do not see any chipsets or PCBs (printed circuit boards). The Raspberry Pi is totally hidden in the familiar housing, the keyboard.

The idea with the Raspberry Pi 500 is you could connect a mouse and a display and you are able to go. If, for instance, you’ve got a relative who uses a very outdated computer with an outdated version of Windows, the Raspberry Pi 500 can easily replace the old PC tower for many computing tasks.

More importantly, this device brings us back to the roots of the Raspberry Pi. Raspberry Pi computers were originally intended for educational applications. Over time, technology enthusiasts and industrial customers began using single-board computers all over the place. (For example, when you’ve ever been to London Heathrow Airport, all of the departures and arrivals boards are there powered by Raspberry Pi.)

Raspberry Pi 500 draws inspiration from the roots of the Raspberry Pi Foundation, a non-profit organization. It’s the right first computer for college. In some ways, it’s a lot better than a Chromebook or iPad because it’s low cost and highly customizable, which inspires creative pondering.

The Raspberry Pi 500 comes with a 32GB SD card that comes pre-installed with Raspberry Pi OS, a Debian-based Linux distribution. It costs $90, which is a slight ($20) price increase over the Raspberry Pi 400.

Only UK and US keyboard variants will probably be available at launch. But versions with French, German, Italian, Japanese, Nordic and Spanish keyboard layouts will probably be available soon. And when you’re in search of a bundle that features all the things you would like, Raspberry Pi also offers a $120 desktop kit that features the Raspberry Pi 500, a mouse, a 27W USB-C power adapter, and a micro-HDMI to HDMI cable.

In other news, Raspberry Pi has announced one other recent thing: the Raspberry Pi monitor. It is a 15.6-inch 1080p monitor that’s priced at $100. Since there are quite a few 1080p portable monitors available on the market, this launch is not as noteworthy because the Pi 500. However, for die-hard Pi fans, there’s now also a Raspberry Pi-branded monitor option available.

Image credits:Raspberry Pi

This article was originally published on : techcrunch.com
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Apple Vision Pro may add support for PlayStation VR controllers

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Vision Pro headset

According to Apple, Apple desires to make its Vision Pro mixed reality device more attractive for gamers and game developers latest report from Bloomberg’s Mark Gurman.

The Vision Pro was presented more as a productivity and media consumption device than a tool geared toward gamers, due partly to its reliance on visual and hand controls moderately than a separate controller.

However, Apple may need gamers if it desires to expand the Vision Pro’s audience, especially since Gurman reports that lower than half one million units have been sold to this point. As such, the corporate has reportedly been in talks with Sony about adding support for PlayStation VR2 handheld controllers, and has also talked to developers about whether they may support the controllers of their games.

Offering more precise control, Apple may also make other forms of software available in Vision Pro, reminiscent of Final Cut Pro or Adobe Photoshop.

This article was originally published on : techcrunch.com
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