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Xendit, an Indonesia-based payment gateway startup, has acquired a minority stake in Bank Sahabat Sampoerna, a local bank that focuses on SMEs. The size of the deal was undisclosed.
In a statement, the startup said it will be a tech partner to the bank with a view to improving the latter’s internal processes. Both companies will continue to run independently and won’t change their existing products or services. However, they will work together on a long-term strategy.
Founded in 1990, Bank Sahabat Sampoerna has around 21 offices across Indonesia. The bank is currently owned by two local conglomerates: Sampoerna Group, whose main business is in the tobacco industry, and Alfa Group, which has large offline retail networks in the country.
Xendit entered the unicorn club last year after raising US$150 million from Tiger Global, Accel, Amasia, and Goat Capital. In total, it has raised around US$238 million so far since its establishment.
Recently, the fintech firm announced plans to acquire two local financial companies: Globalindo Multi Finance and Emas Persada Finance.
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