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B2B tech start-up VENTENY announces December IPO
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Illustration of financial technology (fintech) (Shutterstock/File)
T
he Indonesian branch of financial technology firm VENTENY has announced plans for an initial public offering (IPO) next month in a move its founder says is central to the company’s growth strategy.
Going with the ticker code “VNTY”, PT VENTENY Fortuna International is looking to raise Rp 420 billion (US$26.8 million) — an equivalent of 15 percent of its post-IPO capital —through the corporate action.
"We are grateful for the trust that has been given to us, which brought VENTENY to profitability in our two years of operation. […] Through this IPO, we are inviting everyone to participate in creating the future of the solid industry ecosystem," said VENTENY CEO and founder Jun Waide on Thursday.
VENTENY has two main businesses up its sleeve, namely B2B funding for micro, small and medium enterprises (MSMEs) and a business-to-business-to-employee (B2B2E) super-app that covers financial, insurance, education and lifestyle technology.
For the B2B funding scheme, the company acquires funds from Japan, which it channels to MSMEs by partnering with P2P lending platforms. Waide said that, currently, this was the driving force behind the company’s profitability.
“The key [of our profitability] is definitely our procurement. As we all know, in financial services, we have to use liquidity to make disbursements. Most of the cash that we bring in is from Japan. […] The thing is, over there, the corporate banking rates are usually at 0.0 to 0.5 percent,” said Waide.
VENTENY was founded in the Philippines in 2015 before it expanded and established a presence in Singapore in 2016.
