Financial data platform Validis secures backing from Citi, Barclays

Financial data standardisation platform Validis has attracted strategic investment from UK and US banks to continue its efforts to modernise business lending.

The investment from Citi and Barclays will fund continued product innovation, and expanded sales and marketing efforts.

Details of the strategic investment have not been disclosed.

Stephane Besson, chair of Validis, said that securing the strategic investment “validates our vision of making standardised accounting data the cornerstone of modern lending”.

Validis’ automated data standardisation encompasses corporate, commercial and working capital finance products, including invoice finance, receivables finance, and asset-based lending.

Through Validis’ platform, Citi and Barclays will be able to automate financial monitoring, deliver “underwriting-ready” data faster, and reduce application and credit review times.

“We’re eliminating historically time-consuming and high-cost data processes, particularly for complex commercial clients, enabling lenders to make faster, smarter decisions based on clean, reliable data,” said Michael Turner, chief executive officer of Validis.

Beyond lending, Validis works with more than 100 lending and accounting firms to deliver transaction-level data required for audit processes.

James Binns, managing director, global head of trade and working capital at Barclays, added: “By automating data collection and standardisation, we can not only deliver faster decisions and better service, but also offer client-focused working capital funding products at scale.

“This enables us to meet our customers’ unique needs while still meeting our credit assessment standards.”

For Andrew Murray, head of institutional strategic investments at Citi, the depth and quality of Validis’ data provides real-time access to standardised financial information, which in turn, enables proactive financial support to its commercial bank clients.

Murray added: “Improving credit process automation and the scope and timeliness of data available helps capital flow more freely into businesses of all sizes and close critical funding gaps across the market.”