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Xendit Now Controls Nearly 15 Percent Of Bank Sahabat Sampoerna’s Shares

Xendit Now Controls Nearly 15 Percent Of Bank Sahabat Sampoerna's Shares

Xendit Startup just announced a strategic investment in Bank Sahabat Sampoerna. In the future, Xendit will become Bank Sampoerna’s technology partner to develop world-class technology infrastructure and continue to improve internal processes and available products.

Xendit Now Controls Nearly 15 Percent Of Bank Sahabat Sampoerna's Shares

In the official statement, it was not stated the percentage of Bank Sampoerna’s shares which are now owned by Xendit. However, according to the previous DailySocial.id report, Xendit will gradually shrink the shares until 51% becomes the majority holder.

Quoting from Bank Sampoerna’s website, Xendit Pte. Ltd. controls 14.96% of the shares. The majority shareholder, PT Sampoerna Investama, was diluted to 64.24%.

Then, PT Cakrawala Mulia Prima (part of the Alfa Group) also eroded to 14.28%. The rest, controlled by Abakus Pte. Ltd. (2.55%), Sultan Agung Mulyani (2.49%), Ekadhamajanto Kasih (0.79%), and Yan Peter Wangkar (0.69%).

Xendit co-founder and CEO Moses Lo said the two companies would continue to operate independently, without changing existing products and services. “We will work together to set a long-term strategic direction,” Lo said in an official statement, Wednesday (22/4).

“Xendit and Bank Sampoerna have been partners since the beginning of Xendit in Indonesia. The company is proud to be able to support Bank Sampoerna in developing the its digital infrastructure and continue to contribute to the growth of the nation’s digital economy.”

Bank Sampoerna CEO Ali Rukmijah also added, “Collaboration has become Bank Sampoerna’s central point in serving micro and SME businesses. Support from Xendit will certainly improve our service capabilities. This increase will be seen in terms of service capacity, coverage, and last but not least, quality & innovation.”

Bank Sampoerna is an Indonesian private bank that focuses on micro, SME and banking-as-a-service to technology-based businesses.

Over the years, Bank Sampoerna has continued to innovate and take the initiative to develop innovative banking transaction services by optimizing technology in various digital products and services. This is done through technical integration and various formats provided by the bank.

Xendit Now Controls Nearly 15 Percent Of Bank Sahabat Sampoerna's Shares

The Nex App

Currently, Xendit is testing the Nex digital bank application on a limited basis. Nex will take advantage of Bank Sampoerna’s banking capabilities and the technology offered by Xendit.

Initial features offered are 6% annual interest paid daily on savings, free admin and transfer fees, and ease of sending and receiving funds. Things that are commonly offered by modern digital banks.

The Nex application is managed by three parties, namely PT Nex Digital Technology, PT Sumber Digital Teknologi (iluma.ai), PT Sinar Digital Ter Depan (Xendit), and their affiliates.

Iluma is in charge of conducting e-KYC and checking credit scores more seamlessly. It was most likely that Iluma was part of Xendit because his office was in the same building as Xendit’s headquarters.

Xendit Now Controls Nearly 15 Percent Of Bank Sahabat Sampoerna's Shares

Acquisition Of Finance Company

Previously, Xendit also confirmed that it would buy shares in the finance company PT Global Multi Finance. This step is related to the plan for Global Multi Finance to merge with PT Emaas Persada Finance.

“What is currently being announced in the media is the corporate action plan from Globalindo Multi Finance regarding the change of ownership. Xendit group will later become one of the owners of Globalindo Multi Finance,” said a company representative quoting Katadata.

No further details were given regarding the amount of shares that Xendit will acquire later. Because, he said, the administrative process is still ongoing and will be submitted when it is completed.

Continued, the entry into this financing company will later provide financing products as added value.

Xendit raised US$ 150 million or around Rp 2.1 trillion in a series C funding round in September 2021. After receiving fresh funds, this payment gateway fintech startup is said to be a unicorn.

Funding for Xendit was led by Tiger Global Management. Other participating investors are Accel, Amasia, and Goat Capital. Xendit will use the fresh funds for expansion to other countries. Currently, the fintech startup is present in Indonesia and the Philippines.