Helicap, a Singapore-based fintech platform operating in the alternative lending market, has partnered with Bank Danamon to support startups operating in Indonesia’s fintech and alternative lending industry.
In a statement, the two companies said their partnership will provide debt financing to non-bank startups in the country at every stage of their growth, from seed funding to IPO.
Specifically, Helicap and Bank Danamon aim to provide “non-dilutive growth capital” to fintech startups, alternative lending firms, and MSMEs across diverse segments, including supply chain, leasing, e-commerce, and more.
Helicap, which connects global investors to private debt opportunities in Southeast Asia, has raised more than $20 million in paid-up capital and deployed over $250 million worth of capital over the last six years.
Its equity backers include Japanese financial services firm Credit Saison, Temasek-backed alternative investments firm Tikehau Capital, integrated Asian financial house PhillipCapital, and venture capital firms.
Bank Danamon, on the other hand, provides consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 864 domestic branches.
The partnership will see Danamon facilitating account openings for Helicap’s borrowers and providing access to a wider range of products for its borrowers. Helicap will build a flow of risk-managed transactions for Danamon in Indonesia.
“By combining our credit expertise and resources with Danamon’s extensive reach and banking know-how, we are creating a truly unique and comprehensive solution for fintech and alternative lending firms across the region,” said Helicap co-founder and CEO David Z Wang.
Helicap posted $2.75 million in revenue in 2022, up by about 89% from $1.45 million a year earlier. Its losses hit $1.86 million, a 71.5% growth from 2021’s $1.08 million.
Bank Danamon, meanwhile, posted a net profit of $219 million and $902 billion in net revenues in 2022.
Early last year, MUFG Innovation Partners (MUIP) and MUFG Bank — the subsidiaries of Mitsubishi UFJ Financial Group — established a $100-million fund in collaboration with Bank Danamon to invest in local companies that can have synergies with the commercial bank.
