Superbank, the digital bank with headquarters in Indonesia and financial support from Emtek Group, Grab, and Singtel, has announced a strategic alliance with peer-to-peer lending company Amartha.
Through this alliance, Superbank hopes to offer working capital loans to the more than 1 million female microentrepreneurs that Amartha supports. According to Julie Fauzie, chief funding officer at Amartha, both businesses intend to combine their technological resources and expertise to streamline the loan application process.
In the past, Superbank and consumer finance company Home Credit worked together to provide working capital loans that the latter dispersed.
The Ministry of Cooperatives and SMEs reports that Indonesia currently has 64 million MSMEs, which are responsible for up to 60% of the country’s GDP. Women are the majority of the leaders of these MSMEs.
Amartha has provided working capital loans totaling more than US $800 million to 1.6 million SMEs in Indonesia, the majority of which are run by women. It obtained $100 million in debt financing from Community Investment Management, a US-based company, in June.
In 2021, Emtek Group purchased Superbank, formerly known as Bank Fama. A few months later, Grab and Singtel paid US $70 million for minority shares in Superbank.
