Superbank, Genesis Alternative Ventures launch $39.38M financing solution for innovative Indonesian startups
PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis), a venture lending firm based in Singapore, have introduced a funding option, where both organizations have pledged to allocate a maximum of IDR 600 billion ($39.38 million) to support groundbreaking startups in Indonesia.
The funding option brings together the concepts of traditional bank loans and investment from venture capital firms. Its aim is to assist technology startups in Indonesia by providing them with the necessary capital to operate while minimizing the reduction of ownership stake for shareholders. This was stated by the pair in a press release on Thursday.
As per the announcement, the partnership between Superbank and Genesis highlights the commitment of both organizations to support Indonesian startups, specifically those in the Series B or C phase, in fully unlocking their capabilities.
Tigor M. Siahaan, President Director of Superbank, expressed that Indonesia has the chance and capacity to enhance the growth of local startups and their ecosystem. Being the biggest digital economy in Southeast Asia, Indonesia is predicted to expand by eightfold, reaching IDR 4,531 trillion by 2030, presenting the country with ample potential and opportunities.
He expressed the company's excitement at collaborating with Genesis to offer a robust funding option for emerging Indonesian startups.
In the modern and ever-changing world of business, having access to financial resources is extremely important for these forward-thinking ventures to flourish.
"This collaboration demonstrates Superbank's resolute dedication to assisting local business owners and micro, small, and medium-sized enterprises (MSMEs) while promoting sustainable development," he included.
Meanwhile, Jeremy Loh, Co-Founder and Managing Partner of Genesis Alternative Ventures, expressed that Indonesia is buzzing with possibilities when it comes to homegrown startups and skilled individuals in the tech industry.
"Genesis and Superbank possess a mutual dedication to harnessing the immense possibilities within this field and bolstering the growth of more emerging businesses in Indonesia. This is especially crucial in light of the significant decrease of 60 percent in venture capital investments for startups across the Asian region," he expressed.
As per the announcement, this partnership signifies a major achievement in Superbank's journey towards becoming a bank with a strong digital focus, which commenced a mere six months ago.
Superbank is undergoing a transition to become a bank that primarily offers digital services.
The financial institution is the fresh label that replaces PT Bank Fama International, a business-oriented bank that originated in Bandung in the year 1993. This particular bank was acquired by EMTEK Group, Grab, and Singtel in 2021.
Superbank, a new player in the digital banking market in Indonesia, aims to increase opportunities for MSME customers to obtain credit for their businesses, offer inventive solutions for retail customers, and promote teamwork through a vast network of connections within the industry.
Genesis Alternative Ventures is the top private financing provider in Southeast Asia for startups and companies in the expansion phase that have received funding from top-tier venture capitalists.
Ben J Benjamin, Dr Jeremy Loh, and Martin Tang established the company in 2019.
Boost, the financial technology division of Axiata Group, aims to expedite the financial inclusion and digital transformation of micro, small, and medium enterprises (MSMEs) in Indonesia, particularly those who have been neglected or not adequately served.
