Superbank Bags Additional US$73M Funding from Grab, Singtel, KakaoBank

Superbank Bags Additional US$73M Funding from Grab, Singtel, KakaoBank

by July 3, 2024

Indonesian digital bank Superbank has announced an additional funding of IDR 1.2 trillion (US$73.3 million) from its shareholders, Grab, Singtel, and KakaoBank.

This funding aims to support Superbank’s efforts in enhancing services and innovating products to cater to the diverse financial needs and lifestyles of its customers.

Recently, Superbank became the first bank in Indonesia to enable millions of Grab users and partners to open accounts, save, and make payments directly through the Grab app without needing additional applications.

The ongoing support from these key industry players, including Emtek Group, is expected to significantly bolster Superbank’s growth and its role in driving sustainable development in Indonesia’s underbanked communities.

Emtek holds the largest share in Superbank at 34.58%, followed by Grab’s PT Kudo Teknologi Indonesia with 21.29%, Singtel Alpha Investments Pte Ltd with 18.93%, and KakaoBank with 10%.

Tigor M. Siahaan

Tigor M. Siahaan

Tigor M. Siahaan, President Director of Superbank said,

“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.

 

This additional investment will strengthen us in expanding inclusive financial services and accessible financing for more underbanked retail customers and MSMEs in Indonesia.”

Neneng Goenadi

Neneng Goenadi

Neneng Goenadi, Country Managing Director of Grab Indonesia said,

“Grab understands the importance of delivering digital banking technologies with various innovative features that are easily accessible and can help consumers manage their finances better.

 

Grab’s ongoing support for Superbank reinforces our shared commitment in enhancing financial inclusion across Indonesia.”

 

 

Featured image: (Left to right) Sutanto Hartono, Managing Director of EMTEK; Alex Hungate, COO of Grab; Adi W. Sariaatmadja, President Commissioner of SCM; Tigor M. Siahaan, President Director of Superbank; Neneng Goenadi, Country Managing Director of Grab Indonesia; Alvin Sariaatmadja, CEO of EMTEK; Gan Siok Hoon, Managing Director of Singtel; and Yoon Ho Young, CEO of KakaoBank.