Jakarta, 6 August 2023 – PT VENTENY Fortuna International Tbk (VTNY), a technology company that provides a unique combination of growth funding for MSMEs and employee benefits to improve employee welfare, closed 1H 2023 by recording a profit of IDR 9.3 billion, growing from IDR 3.8 billion in the first half of 2022 or an increase of 2.47x recorded.
The surge in profit that occurred was the result of the company’s revenue growth of IDR 29.2 billion in the first half of 2022 to IDR 58.9 billion in the first half of 2023, increased by 2x on a year on year basis. The company is getting closer to reaching an equal revenue split from its two core services: B2B Financial Service and B2B2E from VENTENY Super-app.
In the first half of 2022, VENTENY revenue was mostly contributed by B2B Financial Service whereas the VENTENY Super-app business only contributed to 6% of total revenue. Growing further as the company’s ecosystem gets significantly expanded, the contribution from VENTENY Super-app towards total revenue has become 37%.
B2B Financial Service revenue increased by 35% in 1H 2023 compared to 1H 2022, in line with the company’s commitment to providing easier access to funding for MSMEs which receive full support from various strategic partners, to support the Government’s financial inclusion program. VENTENY has served more than 9,000 MSMEs in Indonesia by providing growth funding to help them expand their businesses. It is a solid proof that the company is showing strong commitment to fill in the USD 166 Billion financing gap left by the bank every year in Indonesia according to data from SMEfinanceforum.
Moreover, the company sees that the opportunities for women to advance their business is still slim. Based on BPS data for 2021, women manage 64.5 percent of the total MSMEs in Indonesia but they still have limitations in managing their business. The company is committed to empower women-owned businesses so that there is more equality in terms of business opportunity for women. This effort can be seen through the MSMEs empowered by VENTENY, 20% of them are owned and/or led by women. VENTENY is committed to continue to increase women’s participation in the business world.
In addition, revenue from B2B2E VENTENY Super-app also experienced an increase of 1,075% in 1H 2023 compared to 1H 2022. “B2B2E revenue contribution in 1H 2023 has increased to 37% from 6% in the same period last year. This is in line with the company’s goal of increasing the welfare and happiness of employees in Indonesia through the employee benefits programs contained in the VENTENY Super-app ,” Jun Waide Founder and Group CEO of VENTENY said.
“VENTENY continues to be committed to support the strengthening of MSME performance, especially in Indonesia with an end to end approach. Not only focusing on growing the business, but further helping the employees of our partner companies to improve their welfare and to create a better working environment through the VENTENY Super-app,” added Jun Waide.
To create a better working environment, VENTENY Super-app provides 4 main services in the mobile application. Starting from V-Financial which accommodates employees financial needs, V-Healthy for needs related to insurance and health, then there is also V-Merchant for lifestyle needs and V-Education to improve the skills of company employees.
VENTENY is committed to upholding sustainability in running the Company’s business by adhering to Environmental, Social and Governance (ESG) strategies to support the Sustainable Development Goals (SDGs) by implementing the People, Planet, Profit strategy (3P).
Furthermore, in 2023, VENTENY will expand its coverage area nationwide so that it can help more MSMEs by expanding to several cities in Indonesia and collaborating with strategic partners, such as associations and the government with the same mission to provide easier access to productive funding for business and improve employee welfare and happiness in order to create a better and more productive working environment to drive the economy of Indonesia.
