[FUNDING NEWS] Indonesia-Based Superbank Raises $73 Million In Funding

Grab, Singtel, and KakaoBank, the owners of Indonesian digital banking player PT Super Bank Indonesia (Superbank), have agreed to contribute an additional 1.2 trillion rupiah ($73.2 million). As per the announcement released on Wednesday, the investment is intended to bolster Superbank’s offerings and advancements in product development.

Backed by an ecosystem of key industry players like Emtek Group, Grab, Singtel, and KakaoBank, the new investment will significantly strengthen Superbank’s capabilities and competitiveness in the Indonesian market.

Superbank (formerly Bank Fama), an Indonesian corporation, was founded in 1993 and bought by PT Elang Mahkota Teknologi Tbk by the end of 2021. In 2022, Singtel and Grab made investments in Superbank. In 2023, Kakaobank became a part of the group.

“We greatly appreciate the trust of our shareholders in supporting our efforts to create innovative and relevant digital banking products and services continuously. The ongoing support from Grab, Singtel, and KakaoBank extends beyond investment, as they also contribute their advanced technology, insights, and network assets to help accelerate our growth,” Tigor M Siahaan, President Director of Superbank, said in the statement.

Recently, Grab and Singtel also contributed S$229.5 million, or roughly $169.4 million, to GXS Bank, the third digital lender in Singapore, as per documents submitted to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. This time, Grab gave almost $141.5 million, according to the documents.

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The most recent capital infusion follows Grab’s $109 million January capital infusion into its digital banking unit. The internet giant gave GXS Bank S$101 million in July of last year and another $75.8 million in April.

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New digital banking systems, ranging from independent digital banks and ecosystem participants to those backed by significant current banks, are part of this expansion.

About Superbank

Superbank offered transaction banking for retail customers. With product pamphlets distributed at New World, Pak’n Save, and Four Square, advertised its services. Through phone and internet banking, actual banking was done.