The archive · Money & Fintech · Strategic decision · 2023–2025
Superbank's Grab-ecosystem bet: 5M customers in 16 months, Rp2.79T IPO
Indonesia's Superbank bet that a bank embedded in Grab and OVO could win underbanked users faster than standalone digital banks — and listed in December 2025.
Superbank
What the business is
Superbank is a digital-first Indonesian bank where users open accounts, save and borrow directly inside Grab and OVO, targeting retail customers and small businesses.
Starting capital：Shareholders (Grab, Singtel, Emtek, KakaoBank) injected a further Rp1.2 trillion (~US$75M) in July 2024, on top of earlier consortium funding.
How it started
Emtek converted its Bank Fama into Superbank in early 2023, and KakaoBank took a 10% stake in September 2023 — its first overseas investment. The app launched publicly on 19 June 2024 with Grab integration.
What happened
Customers came fast: nearly 4 million in the first year, and the bank booked Rp20.1 billion net profit in H1 2025, with credit up 123% YoY to Rp8.4 trillion. By Q3 2025 it had 5 million customers and Rp80.9 billion profit before tax, helped by the OVO Nabung savings product.
How it ended up
Superbank listed on the Indonesia Stock Exchange on 17 December 2025 as SUPA, raising Rp2.79 trillion (net Rp2.73 trillion) at Rp635 per share — a market cap around US$1.6 billion.
Background
Superbank launched publicly on 19 June 2024 as an Indonesian digital bank backed by Grab, Emtek, Singtel and KakaoBank. Its founding bet was that the cheapest way to reach Indonesia's underbanked majority was not another standalone banking app but a bank living inside the super-app that 30+ million people already use for rides, food and payments.
The bet compounded quickly: users opened accounts, saved and paid through Grab, drawn by 6% savings interest and the OVO Nabung product. Within a year the bank had nearly 4 million customers and booked Rp20.1 billion net profit; by Q3 2025 it passed 5 million customers, Rp9.04 trillion of loans and Rp80.9 billion profit before tax, with its cost-to-income ratio cut from 149.65% to 70.14%.
On 17 December 2025 Superbank listed on the Indonesia Stock Exchange as SUPA, raising Rp2.79 trillion at a valuation around US$1.6 billion — the fastest bank IPO arc the market had seen, validating that ecosystem-embedded banking could scale to profitability in about 18 months.
What has to be true
- Grab and OVO gave it millions of warm users who already transact digitally, so acquisition cost was near zero.
- The 6% savings rate and in-app experience turned deposits into the cheapest funding source, with third-party funds up 748% YoY in year one.
- Being a licensed bank from day one let it lend against those deposits, keeping net interest margin above 10%.
- The consortium (Grab, Singtel, Emtek, KakaoBank) supplied both capital and distribution, removing the usual fintech chicken-and-egg.
- Reaching profitability within a year made the December 2025 IPO credible to institutional investors.
What can be applied
When the product is a commodity, distribution wins: embedding the bank in a super-app turned acquisition into a byproduct of daily use, and got profitability plus an IPO in 18 months.
Aftermath
As of September 2026, Superbank trades on the IDX as SUPA with a market cap around US$1.6 billion. Of its Rp2.79 trillion IPO proceeds, about Rp1.44 trillion still sat parked at Bank Indonesia while the bank gradually deployed the rest into credit growth, with plans to keep expanding lending to retail and small-business segments through Grab and OVO integration.
Sources
- Grab, Singtel dan KakaoBank Suntik Superbank Milik Emtek Rp 1,2 T
- Superbank bukukan laba bersih Rp20,1 miliar pada semester I 2025
- Superbank Bukukan Laba Sebelum Pajak Rp80,9 Miliar dan Basis Nasabah 5 Juta di Q3 2025
- Dana IPO Superbank (SUPA) Sisa Rp1,44 Triliun, Manajemen Taruh di Sini
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