Validus Business Account Referral Code: VALIDUSSGRP (Referral Promotion)
Better savings and control than your business bank
Receive SGD 50 when you sign up for a Validus business account via the referral promo code: VALIDUSSGRP, and fulfill one of the following criteria:
- spend a minimum of $2,000 on Validus corporate card within the first 60 days from date of account opening; or
- send a minimum of $5,000 overseas using Validus FX money transfer service, within the first 60 days from date of account opening
The Validus business account is FREE, and you can register and open your account in minutes.
Note: you can only arrive at the page to enter the referral promo code, as shown below, after you verify your email and phone number.
Need more reasons to sign up?
Other benefits include:
- additional $218 referral rewards: when your company takes up an eligible business loan with Validus. Learn more at the Validus Business Loans referral post.
- $1 reward for every FAST transfer made: earn money while make payments to vendors, suppliers, and employees. Terms and conditions apply.
- Unlimited 1% cashback on card spends: cashbacks have no limit, and are applicable on all eligible card spends
- Zero FX fees on all foreign currency card transactions and money transfers: enjoy market-leading FX rates that are better than banks
Table of Contents
Our goal is simple: we’re here to empower small businesses like yours with better, more competitive financial products and services, so you can thrive and deliver big impact as engines of growth for our society and communities.
Founded in 2015, Validus is Singapore’s largest SME financing platform for small businesses and accredited investors. By using data analytics and AI to avail growth financing to underserved SMEs, Validus looks to drive inclusive growth for SMEs and economies in the ASEAN region.
Validus holds a CMS licence by the Monetary Authority of Singapore and also has a presence in Indonesia, Thailand, and Vietnam.
Validus Capital Pte Ltd (UEN 201530032R) is licensed by the Monetary Authority of Singapore with a full Capital Markets Services license.
Validus Business Account
Key features of the Validus business account:
- Zero fees: No monthly or annual account maintenance fees
- No minimum balance: free up cash flow - no need to lock up your working capital in a business bank account
- Safe and secure:
- 2FA Authentication
- Deposits safeguarded in trust account.
- Regulated by MAS
- Money transfer related:
- Unlimited, free FAST transfers
- Bulk transfers help save time when making payments to suppliers and vendors.
- Free payroll processing allows paying employees with ease and at no cost.
- Access on the go: access account features on the go via the mobile app. Available on Android and iOS platforms.
My account manager highlighted to me that the monies of my company are held in a trust account. Validus cannot use it to lend out to other businesses.
So I posed a question on what is the business model of Validus and how does it make money if the business account itself is FREE, and deposits are not used as loan capital?
I was informed that Validus’ main revenue stream is its SME loans, and they have disbursed over $3B worth of loans to SMEs in the region.
Validus Corporate Card
After your Validus business account is opened, you can proceed to issue corporate cards.
Key features of Validus corporate cards:
- Unlimited, free corporate cards: no sign up, annual, card issuance or hidden fees
- Earn unlimited 1% cashback: on all card spend
- Instant issuance of cards: instantly issue new cards for your employees
- Real time notifications: stay on top of your finances with real-time alerts on card spends
- The Validus Corporate Card is a debit card. You need to top up its balance from the Validus Business Account to use it. This helps to limit how much each card holder can spend, and mitigate losses caused by malicious actions or fraud.
- Admins of the Validus business account can also opt to enable auto top-ups.
- As of April 2023, the Validus Corporate Card is a virtual card. Physical cards are a work in progress. For now, you can link the card into Google Pay and use it in physical stores.
The touted account opening in minutes only applies if the stakeholders of the business are Singapore citizens or Permanent Residents.
As my business partner is a foreigner, the account opening process was manual as he needed to provide a scan of his identity card, and proof of residence address via a utilities bill.
Despite that, the account opening process was still fast and took 1-2 working days only.
Another thing that about the account opening process that impressed me was that Validus helps to draft out a Board Resolution document for the account opening. All I needed to do was electronically sign it and upload. Super convenient :)