Indonesian P2P Lender Amartha Secures US$ 28 Million From Women’s World Banking
JAKARTA – IDFinancials.
Amartha, a P2P lending platform in Indonesia, received new funding worth US$ 28 million (IDR 405 billion) led by Women’s World Banking Capital Partners II (WWB) and MDI Ventures.
WWB Capital Partners II is the second gender lens investment fund founded by Women’s World Banking, a global non-profit organisation that has been working with women’s financial inclusion for the past 40 years.
This investment seeks to close the gender gap in financial inclusion by investing in top performing financial service providers to serve low-income segments of women, expanding gender diversity in their staff and management teams, and leveraging innovative solutions to increase community outreach and engagement.
Through this investment, Amartha will open opportunities to work together with the Telkom Group to digitise and increase financial inclusion in rural Indonesia.
The round was also supported by existing investors Mandiri Capital Indonesia and UOB Venture Management.
Amartha empowers women micro entrepreneurs in rural areas by providing group-based business capital loans, ranging from IDR 3 million to IDR 10 million accompanied by financial literacy education and entrepreneurship training.
Andi Taufan Garuda Putra, Founder and CEO of Amartha said,
“Thank you to all Investors, Lenders, Partners and Amartha Team for their support and trust. What we do together has an impact on the welfare of women in the village and the nation’s economy.
This new funding will strengthen Amartha’s group lending (grameen model) business, accelerate product innovation, and launch additional services for borrowers and lenders, such as: digitalisation of villages, wholesale shopping, shop loans, crowdfunding , new funding products, and channeling funding to borrowers directly ”.
Hadi Wenas, Chief of Commercial Officer Amartha added,
“The Covid-19 pandemic in 2020 provides a challenge for everyone, including us. With persistence, collaboration and a shared vision of ‘Equal Prosperity for Indonesia’ we recovered well and started a journey with new norms, and built a variety of products and services for the micro business sector.
By partnering with WWB, we will be able to adopt world best practices where women can benefit from technology to empower themselves and their families to be more prosperous ”.