Indonesian digital banking player PT Super Bank Indonesia (Superbank) has secured an additional investment of 1.2 trillion rupiah ($73.2 million) from its shareholders Grab, Singtel, and KakaoBank. The investment aims to support Superbank’s services and product innovations, according to a statement issued on Wednesday.
“We greatly appreciate the trust of our shareholders in supporting our efforts to create innovative and relevant digital banking products and services continuously. The ongoing support from Grab, Singtel, and KakaoBank extends beyond investment, as they also contribute their advanced technology, insights, and network assets to help accelerate our growth,” Tigor M Siahaan, President Director of Superbank, said in the statement.
Founded in Bandung in 1993, Superbank (previously known as Bank Fama) was acquired by Indonesian conglomerate PT Elang Mahkota Teknologi Tbk (Emtek) at the end of 2021. Subsequently, Singtel and Grab invested in Superbank in 2022. Kakaobank joined the consortium in 2023.
According to Superbank’s shareholder information, Emtek is the largest shareholder with 34.58% of shares, followed by Grab’s PT Kudo Teknologi Indonesia [21.29%], and KakaoBank [10%]. Meanwhile, Singtel invested in Superbank through Singtel Alpha Investments Pte Ltd of 18.93% and A5-DB Holdings Pte Ltd of 7.1%.
Grab and Singtel recently also infused S$229.5 million (about $169.4 million) in Singapore-based digital lender GXS Bank, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Grab contributed about $141.5 million this time, the filings showed.
The latest capital injection comes after Grab injected about $109 million into its digital banking subsidiary in January. Last year, the tech giant injected S$101 million in July and another $75.8 million in April into GXS Bank.
Superbank is the newest entrant in Indonesia’s rapidly growing digital banking sector, which has seen significant advancements over the past five years. This growth includes new digital banking platforms, from standalone digital banks and ecosystem players to those supported by major existing banks. Superbank faces competition from GoTo-backed Bank Jago, Sea’s Seabank, Akulaku’s Bank Neo Commerce, Jenius by BTPN, Blu by BCA Digital, and Livin by Bank Mandiri.