Superbank and Genesis Prepare IDR 600 Billion for Startup Financing Solutions

PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis) announced a financing solution with a combined commitment of IDR 600 billion to support the startup industry in Indonesia.

This financing solution combines conventional bank loans and investment from venture capitalists aimed at startups that need access to working capital with minimal dilution of shareholder equity. The target is technology startups with Series B and Series C funding stages.

"We are pleased to be working with Genesis to provide a strong source of financing for innovative Indonesian startups. In today's dynamic business environment, access to financing is the key to success for innovative businesses," said Superbank Managing Director Tigor M. Siahaan.

Superbank is a BUKU I bank that has just changed its identity from former name Bank Fama in early 2023 after being annexed by EMTEK, Grab, and SingTel. To strengthen its position in the MSME and retail segments, Superbank previously also established strategic partnerships with Amartha to expand access to finance.

Meanwhile, Genesis Co-Founder & Managing Partner Jeremy Loh said, "Indonesia has a lot of startup opportunities and local technology talent. Genesis and Superbank share the same commitment in developing great potential in this sector and supporting more startup founders in Indonesia."

Genesis Alternative Ventures is known as venture lenders which injects startup funding in loan schemes. Some of its portfolio in Indonesia, among others RateS (social commerce), Saturdays (D2C), and HappyFresh (online groceries).

Based on Startup Report 2022, the total value of funding transactions for the Indonesian startup industry reached $4,2 billion with 260 transaction deals announced. This value is up from 2021 which was $ 6,9 billion even though the number of transactions was lower by 214 agreements.