Superbank, the Indonesia-based digital bank backed by Grab, Singtel, and Emtek Group, has joined hands with alternative lender Genesis Alternative Ventures to launch an IDR 600 billion (US$40 million) financing solution to back innovative local startups.
The solution combines the principles of conventional bank credit and VC investing in targeting technology startups while extending working capital to them with a minimum dilution of shareholder equity.
The focus will be Series B or C-stage companies.
Tigor M. Siahaan, President Director of Superbank, said: “Indonesia is expected to grow 8x from IDR 632 trillion in 2020 to IDR 4,531 trillion in 2030 and has the potential and opportunity to further develop local startups and their ecosystem. In today’s dynamic business environment, access to funding is crucial for these innovative ventures to thrive.”
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Jeremy Loh, Co-Founder and Managing Partner of Genesis, added: “Indonesia is brimming with opportunities in terms of local startups and tech talents. Genesis and Superbank share the same commitment in tapping the huge potential of this sector and supporting more startups in Indonesia given the notable 60 per cent year-on-year decline in venture capital funding for startups the Asian region has witnessed.”
Superbank is the new brand that replaces PT Bank Fama International, a commercial bank founded in Bandung in 1993 which was taken over by the EMTEK Group, Grab and Singtel in 2021.
It aims to expand access to credit for MSME customers in managing their businesses, provide innovative solutions for retail customers, and foster collaboration through one of the industry’s most extensive ecosystems.
Founded by Ben J Benjamin, Dr Jeremy Loh, and Martin Tang in 2019, Genesis is Southeast Asia’s leading private lender to venture and growth-stage companies.
In 2021, Genesis signed an MoU with Japan’s Aozora Bank to support Japanese venture-backed companies looking to expand into Southeast Asia.
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Image Credit: Genesis Alternative Ventures.
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