Japanese founder-led employee benefit platform Venteny files for IPO in Indonesia

Venteny founder and CEO Junichiro Waide

Jakarta, Indonesia-based VENTENY Fortuna International announced on Thursday that its application to list on the Indonesia Stock Exchange has been approved. The company will be the first Japanese founder-led startup to be listed in the Southeast Asia region. It secured seed round funding back in February of 2017 followed by series A round funding from SV-FINTECH Fund managed by Voyage Group (now known as Carta Holdings, TSE:3688) and SV Frontier in December of 2017. It subsequently became an equity-method affiliate of Carta Holdings.

In Southeast Asian countries, the lack of educational endowment insurance and health insurance systems means that many employees do not have the means to pay for their family’s higher education, medical care, or other needs. On the other hand, there are no financial services available for individuals to easily obtain loans, and corporate employees often tend to change jobs based simply on the amount of money they are paid, not on job content or job satisfaction. Financial inclusion, which aims to solve these money pains, is a bustling business area where fintech startups in the region are jostling for ideas.

Venteny was founded in April of 2015 by Japanese entrepreneur Junichiro Waide, with headquarters in Singapore. Initially, the company launched a corporate benefits outsourcing service business in the Philippines, which had grown to include more than 200 companies thanks to successful partnerships with major local banks and other organizations in the country. User companies allow their employees to receive benefits and discounts at city facilities and stores, as well as short-term loans in advance of their payday. Needless to say, this is an effective way for companies to motivate their employees to keep working as long as possible.

Venteny’s Super App
Image credit: Venteny

Just when all was going well, the spread of the COVID-19 pandemic hit them. With all companies forced to either shut down or slow down thei business, Waide decided to close his Philippine operations out of sheer desperation, as he saw no growth potential. He rebuilt Venteny’s business from scratch in Indonesia and expanded the business by serving local companies. The company was eventually permitted to go public, approximately as early as three and a half years after taking the helm in the new market (the headquarters was officially moved to Indonesia in January of 2021).

This service was made possible by allowing Venteny’s client companies to provide loans to their employees as long as the company’s creditworthiness could be verified. In Indonesia, the company has launched an unsecured low-interest loan service not only for individuals, but also for small and micro businesses. Having four offices in Indonesia, the company plans to increase it to 15 next year as well as reactivating in the Philippines and expansion into Thailand and Vietnam.

Added at 6pm J.S.T., Nov.24.:

According to the prospectus, Venteny plans to sell 939 million shares, or a 15% stake, through the IPO at a price of Rp350-450 per share (about $0.022-0.029 US), with a target maximum raise of Rp423 billion ($27 million US). The company’s market cap, based on these values, is assumed to be Rp2.8 trillion rupiah (approximately $180 million US).

Revised at 6pm J.S.T., Nov. 25.:

Led by Carta Holdings (TSE:3688, 24.77%), the company’s main shareholders include CEO Waide (24.51%), Ocean Capital (13.06%), SBI Holdings (TSE:8473, 11.62%), KK Fund (10.37%), Relo Club (8.83%), SV-FINTECH (2.91%), Karya Bersama Bangsa (1.22%), Makoto Takano (0.39%), and Mamoru Taniya (0.39%).