Superbank and Genesis Alternative Ventures Launch IDR 600 Billion Financing Solution for Innovative Indonesian Startups
- The collaboration marks a significant milestone as Superbank expands support to local entrepreneurs and MSMEs
- Targeting VC-backed, high-growth technology startups in Indonesia
Jakarta, 31 August 2023 – PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis), Southeast Asia’s prominent venture lender, have launched a financing solution, with both entities committing up to IDR 600 billion to back innovative Indonesian startups.
The financing solution combines the principles of conventional bank credit and venture capital investing to target Indonesian technology startups while extending working capital to technology startups with minimum dilution of shareholder equity.
This collaboration between Superbank and Genesis underscores the determination of both entities to empower startups in Indonesia, particularly those at the Series B or C stage, to realize their full potential.
Tigor M. Siahaan, President Director of Superbank, said, “As the largest digital economy in Southeast Asia, which is expected to grow eight times from IDR 632 trillion in 2020 to IDR 4,531 trillion in 2030, Indonesia has the potential and opportunity to further develop local startups and their ecosystem¹. We are thrilled to partner with Genesis to provide a powerful financing avenue for innovative Indonesian startups. 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.”
Jeremy Loh, Co-founder & Managing Partner Genesis Alternative Ventures, said, “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% year-on-year² decline in venture capital funding for startups the Asian region has witnessed.”
This collaboration marks a significant milestone in Superbank’s transformation into a digitally-focused bank that just started 6 months ago.
For further information, please contact:
Public Relations Lead Superbank
Brightminds for Superbank
PT Super Bank Indonesia (Superbank) is a bank that’s currently transforming into a digital-based services bank. Superbank is the new brand that replaces PT Bank Fama International, a commercial bank that was founded in Bandung, 1993 which was taken over by the EMTEK Group, Grab and Singtel in 2021. Superbank has received various awards, such as “The Most Efficient Bank in the Group of Banks Based on Core Capital (KBMI) 1 Category” from Bisnis Indonesia Financial Award (BIFA) 2022. As a newcomer in the Indonesian digital banking sphere, Superbank has a mission 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.
For further information on Superbank, please visit www.superbank.id.
About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.
For further information on Genesis Alternative Ventures, please visit www.genesisventures.co.