PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis), Singapore-based venture lender, have launched a financing solution, with both entities committing up to IDR 600 billion ($39.38 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, the duo said in a statement on Thursday.

According to the statement, 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.

“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 ecosystem,” said Tigor M. Siahaan, President Director of Superbank.

He said the firm is 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 micro, small and medium enterprises (MSMEs) and driving sustainable growth,” he added.

Meanwhile, Genesis Alternative Ventures Co-Founder and Managing Partner Jeremy Loh said that 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 percent year-on-year decline in venture capital funding for startups the Asian region has witnessed,” he said.

According to the statement, this collaboration marks a significant milestone in Superbank’s transformation into a digitally-focused bank that just started six months ago.

Superbank is a bank that’s currently transforming into a digital-based services bank.

The bank 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.

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.

Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one venture capitals.

The firm was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

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