Indonesian digital lender Superbank has partnered with venture lender Genesis Alternative Ventures (Genesis) to launch a 600-billion-rupiah ($40 million) financing facility to support innovative local startups.
The financing solution combines the principles of conventional bank credit and venture capital investing to target Indonesian technology startups, according to the announcement.
The platform also seeks to extend working capital to tech startups with minimum shareholder equity dilution, focusing on venture-backed high-growth startups in the archipelago, particularly those at the Series B or C stages.
“In today’s dynamic business environment, access to funding is crucial for these innovative ventures to thrive. This partnership exemplifies Superbank’s unwavering commitment to supporting local entrepreneurs and MSMEs and driving sustainable growth,” said Tigor Siahaan, President Director of Superbank.
This collaboration marks a significant milestone in Superbank’s transformation into a digitally-focused bank, which started just six months ago, per the announcement.
Superbank is the new brand that replaces PT Bank Fama International, a commercial bank that was founded in Bandung in 1993 and was taken over by the EMTEK Group, Grab, and Singtel in 2021.
In June, Emtek was reported to be planning to list three of its units — Superbank, video streaming platform Vidio.com, and digital content creator RANS Entertainment — on the local stock exchange. Emtek owns a 93% stake in Superbank.
The launch of the financing platform comes as startup fundraising across Asia’s key markets — Southeast Asia, India, and Greater China — fell sharply in the second quarter of this year, compared with the year-ago quarter.
The steepest fall in funding was witnessed in Southeast Asia at 58.6%. Startups headquartered in the region raised $2.13 billion in Q2, compared with $5.13 billion in the same quarter of 2022, show data from the SE Asia Deal Review: Q2 2023 report by DealStreetAsia DATA VANTAGE.