PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis), one of Southeast Asia's prominent venture lenders, have launched a financing solution, with both entities committing up to IDR 600 billion ($39.4 million) 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 realise 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 ($41 billion ) in 2020 to IDR 4,531 trillion ($297 billion ) in 2030, Indonesia has the potential and opportunity to further develop local startups and their ecosystem. 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 MSME and driving sustainable growth."
Jeremy Loh, co-founder and managing partner, Genesis, 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-year 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 six months ago.
Re-disseminated by The Asian Banker