Superbank, Amartha team up for women-focused working capital loans
Superbank, the Indonesia-based digital bank backed by Emtek Group, Grab, and Singtel, has announced a strategic partnership with peer-to-peer lending firm Amartha.
With this partnership, Superbank aims to provide working capital loans to more than 1 million women microentrepreneurs served by Amartha. Both companies also look to combine their tech assets and expertise to simplify the loan application process, said Julie Fauzie, Amartha’s chief funding officer.
Previously, Superbank collaborated with consumer finance firm Home Credit to provide working capital loans that the latter distributed.
According to the Ministry of Cooperatives and SMEs, Indonesia currently has 64 million MSMEs, contributing up to 60% of its gross domestic product. Around half of these MSMEs are led by women.
To date, Amartha has disbursed over US$800 million in working capital loans to 1.6 million SMEs in Indonesia, majority of which are led by women. In June, it raised US$100 million in debt financing from US-based Community Investment Management.
Superbank, previously known as Bank Fama, was acquired by Emtek Group in 2021. A few months later, Grab and Singtel bought minority shares in Superbank for US$70 million.