Superbank and Genesis Join Forces to Inject $40 Million into Indonesian Startups

Indonesian digital bank Superbank, supported by Grab, Singtel, and Emtek Group, is collaborating with Singapore’s Genesis Alternative Ventures to offer a financing package of $40 million for startups in Indonesia. 

Through a joint announcement, the entities unveiled their intention to combine conventional bank credit with venture capital investment, all while ensuring minimal equity dilution for shareholders. This initiative will primarily focus on startups in the series B and series C funding stages.

Jeremy Loh, Co-founder and Managing Partner of Genesis Alternative Ventures highlighted a concerning trend of dwindling venture capital (VC) funding for Asian startups. He stated that VC funding experienced a substantial decline of 60% in Q3 2022 compared to the previous year’s corresponding period.

In a concerted effort to help the startup ecosystem in Indonesia, PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures have introduced a collaborative financing solution with a combined commitment of Rp600 billion. This initiative is designed to support startups within the country’s startup landscape.

Tigor M. Siahaan, President Director of Superbank, highlighted Indonesia’s substantial digital economy, set to grow remarkably from IDR 632 trillion in 2020 to IDR 4,531 trillion in 2030. This transformative growth presents ample potential and opportunities for developing local startups and their ecosystem. Expressing excitement about the collaboration with Genesis, Siahaan emphasized Superbank’s eagerness to facilitate a potent financing pathway for innovative Indonesian startups.

The digital bank recently rebranded from its previous name, Bank Fama, in early 2023 following its acquisition by EMTEK, Grab, and Singtel. Superbank’s strategic collaborations have extended to peer-to-peer lending platform Amartha and consumer finance company Home Credit to strengthen the MSME and retail sectors. Superbank, currently transforming into a digitally oriented service provider, is a significant player in Indonesia’s banking landscape. 

Genesis Alternative Ventures, founded in 2019 by Jeremy Loh, Ben J Benjamin, and Martin Tang, is a distinctive venture lender focusing on innovative funding approaches. 

Genesis recently closed an $80 million fund, heralding it as the region’s pioneering venture debt fund. The firm employs a loan-based funding model to infuse startups with financial support for their growth. Its portfolio encompasses diverse Indonesian startups such as RateS in social commerce, Saturdays in the D2C realm, and HappyFresh catering to online grocery services.

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