Microfinance technology firm Amartha received $17.5 M from Accion Digital Transformation Fund

The international nonprofit Accion announced that the Accion Digital Transformation Fund had invested $17.5 million in the Indonesian microfinance technology startup Amartha.

In a statement, Accion said that by utilizing data and artificial intelligence (AI), the investment seeks to support Amartha’s goal of creating a platform that offers a comprehensive range of financial products and services to underserved women-led small businesses in primarily rural areas of Indonesia.

With this most recent investment, Amartha will be better able to support its sophisticated audience analytics system, expand the range of products it offers in the MSMEs sector, and encourage the use of its digital services, which will enable it to provide responsible financial services to a greater number of consumers and small businesses.

Accion Digital Transformation Fund will offer strategic support in addition to investment capital to improve customer engagement, operational efficiency, and product innovation through the use of digital technologies.

“Amartha and Accion have shared objectives — reducing inequality in access to financial services,

“The latest funding from Accion Digital Transformation Fund will help strengthen our ability to leverage the power of data and AI,” said Ramdhan Anggakaradibrata, Chief Financial Officer of Amartha.

“We will not only meet the current needs of our customers but also anticipate future trends and challenges,

“This approach will help us remain at the forefront of fintech innovation, continually evolving to provide cutting-edge financial solutions that empower our customers and drive sustainable growth,” he added.

Amartha is a technology company focused on microfinance, utilizing cutting edge technology and forming alliances to create an ecosystem that supports small and medium-sized businesses (SMEs) led by women, retailers, institutional banking, retail investors, and startups.

The company was first founded in 2010 as a microfinance institution and transformed into a technology company in 2016.

In Indonesia, it develops into a digital financial services provider with a focus on offering a wide range of financial options to the “bottom of the pyramid” market.

Microbusinesses in Tier 2 and Tier 3 cities outside of Java Island are connected by the firm’s extensive digital financial infrastructure.