Superbank is making some serious moves! This tech-forward Indonesian bank backed by the likes of Grab, Singtel, and Emtek Group, is teaming up with Singapore’s own Genesis Alternative Ventures to invest $40M in financing for Indonesia’s brightest startups.
- So, what’s the deal? The two companies plan to blend traditional bank credit with venture capital investment, minimizing equity dilution.
- The primary targets? Startups in the bustling series B and series C stages.
- Food for thought? Jeremy Loh, Genesis’ co-founder and managing partner, noted a 60% drop in VC funding for Asian startups in Q3 2022 compared to the previous year. But fear not! Genesis and Superbank are on a mission to revolutionize the startup scene and empower aspiring entrepreneurs in Indonesia.
- Man in charge? This partnership is led by Citi veteran Tigor Siahaan, who previously joined forces with peer-to-peer lending firm Amartha and consumer finance firm Home Credit. Meanwhile, Genesis was cooked up in 2019 by Loh, along with Ben J Benjamin and Martin Tang. In 2021, they made waves by closing their $80M fund for Southeast Asia, the region’s first venture debt fund.
This collaboration is a major milestone in Superbank’s transformation into a digitally-focused bank, a journey that began just six months ago, as announced. Get ready to witness the exciting evolution!
