Indonesia: Amartha, an Indonesian P2P lending platform focused on women micro-entrepreneurs, announced today it has secured a US$50 million debt financing from US-based Lendable.
Founded in 2010, Amartha provides access to women micro-entrepreneurs in rural areas seeking working capital and connects them with lenders. The company claims it has channeled funding of IDR 3.13 trillion (US$222,000) to over 600,000 women micro-entrepreneurs in Java, Sumatra and Sulawesi.
Andi Taufan Garuda Putra, founder, and CEO of Amartha said that women are key drivers of a micro-economy that will play a pivotal role in the economic recovery of Indonesia. By providing access to capital and entrepreneurship education for women, Amartha can help business owners increase their annual income by up to seven times.
“We are grateful for the trust given by Lendable so that women can increase their role in the Indonesian economy, especially in the context of post-pandemic recovery. Indonesian micro-businesses have displayed strong resilience during the pandemic and are promising prospects going forward,” he added.
More than 22 million women micro-entrepreneurs lack access to banking and financial institutions in Indonesia. By adopting its technology with a nationwide push for digital adoption, Amartha claims it is able to reach the unbanked and underserved segment of women in rural areas