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Amartha scored USD 28 million funding led by Women’s World Banking

03 May 2021 18:32

JAKARTA. PT Amartha Mikro Fintek (Amartha) reported its freshly acquired funds worth USD 28 million, equal to IDR 405 billion, provided by Women’s World Banking along with MDI Ventures.

Its other old investors also joined in the funding round. They were Mandiri Capital Indonesia and UOB Venture Management.

Andi Taufan Garuda Putra, the Founder and CEO of Amartha, explained that the current funding would strengthen the company’s Peer-to-Peer (P2P) Lending business that was based on group lending. “What we were doing would affect the well-being of women in villages as well as the nation’s economy,” Putra claimed in the official statement received by idnfinancials.com.

Meanwhile, Yrenilsa Lopez, Investment Officer of Women World’s Banking, admitted that her side was ecstatic to lead the funding round. Lopez thought that Amartha’s business model could narrow down the gender gap in digital financial services in Indonesia.

“We are thrilled to partner up with Amartha, because it expands its business to Indonesia’s rural areas,” Lopez added.

According to idnfinancials.com, Amartha has distributed total loans of IDR 3.55 trillion to 661,369 women who own ultra-micro businesses in Indonesia. The current areas targeted for loan distribution were regions in Java, Sumatera, and Sulawesi. (KR/ZH)

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