Indonesian investment firm PT BNC Technologies Ventures has bought a 5.8% stake, worth 1.2 trillion rupiah ($76.84 million), through a private placement of shares in IDX-listed digital bank PT Bank Aladin Syariah Tbk.
According to disclosure information on the Indonesia Stock Exchange (IDX) on Wednesday, Bank Aladin issued 850 million new shares in the private placement at 1,400 rupiah apiece. BNC Ventures, which is not affiliated with the company, lapped up all of the new shares.
Controlling shareholder PT Aladin Global Ventures’ stake has reduced to 54.5% from 57.8% after the private placement.
Based on information from Indonesia’s ministry of law and human rights, BNC Ventures is an Indonesian company majority owned by PT Jasa Bina Usaha and PT Dinamika Usaha Perdana, which are involved in the healthcare business. BNC Ventures is mainly involved in the management and investment sectors.
The new funding will help Bank Aladin meet financial services authority OJK’s capital requirement of 3 trillion rupiah for banks. As of the third quarter of 2022, Bank Aladin’s capital was 2 trillion rupiah.
In June of 2022, Bank Aladin also added capital via a rights issue worth over 1 trillion rupiah.
Since being listed on the IDX in February 2021, Bank Aladin has collaborated with many parties, including Indonesian retail firm Alfamart, healthtech firm Halodoc, and HK-based insurtech company ZA Tech.
DealStreetAsia reported in November that Indonesia’s tech startup and fintech-backed banks were gathering additional funds to reach the 3 trillion rupiah level to meet OJK’s requirement.
Funding Societies-backed Bank Index Selindo, Akulaku-backed Bank Neo Commerce, and Investree-backed Bank Amar have put in place plans to raise capital from both existing and new shareholders.
Apart from these lenders, there were 15 other tech-backed players, including FinAccel-backed Krom Bank Indonesia and Ajaib-backed Bank Bumi Arta, face the core capital deadline.