Vishal Tulsian, President Director of Amar Bank (left); Adrian Gunadi, Co-Founder & CEO of Investree Indonesia and CEO of Investree Regional
Fintech startup Investree today announced that it had completed the acquisition of local bank Amar Bank, increasing its stake from 10.9 per cent of all issued and fully paid shares in June to 18.4 per cent.
This acquisition confirmed Investree as a minority stakeholder in the bank, while Tolaram Group remained a majority stakeholder.
In a press statement, Investree and Amar Bank said that by utilising its “solid ecosystem”, they will build a digital bank for MSMEs, who is described by the companies as “the backbone of the country’s economy”, and utilise existing products by the two companies to support MSMEs.
Investree Group operates in Indonesia under PT Investree Radhika Jaya. Currently, Investree Group itself has a business unit engaged in the provision of business solutions such as e-invoicing and stock management.
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“Investree welcomes this latest step with great enthusiasm. This initiative is part of creating a cohesive cross-collaboration between fintech and banking as well as jointly innovating products, providing digital financing services and more integrated business solutions, and also expanding the reach to prospective debtors or MSME actors in cities that are part of Amar Bank’s network. In addition, this acquisition will further enhance Investree’s solid ecosystem, enabling increased strategic potential to empower MSMEs across the country. After this, we hope that we can start carrying out the key initiatives being prepared by the Investree Group and Amar Bank,” says Adrian Gunadi, Co-Founder & CEO of Investree Indonesia and CEO of Investree Regional.
Amar Bank transformed its business to be a fully digital bank in 2014. Its employees went from 17 in 2014 to more than 1,000 in 2022.
Through its platform Tunaiku, Amar Bank has disbursed more than IDR8 trillion in loans to impact more than 575,000 customers.
Vishal Tulsian, President Director of Amar Bank, said, “The strategic partnership with Investree will strengthen Amar Bank’s position as a digital bank that leverages technology to positively impact the country. Investree is the largest fintech lending player in Indonesia with a strong focus on SMEs. Amar Bank’s Tunaiku is the strongest Big Data driven digital consumer and micro businesses lending platform, and Senyumku is the most advanced AI driven digital banking platform. Amar’s strong balance sheet + Tunaiku’s digital lending + Senyumku’s digital banking + Investree’s SME lending + Investree’s ecosystem = Poised to become the strongest MSME focused Digital Bank of Indonesia.”
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Image Credit: Investree
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