Community Investment Management (CIM), a US-based debt provider, has provided Amartha, an Indonesian peer-to-peer lending platform, with US $100 million.
According to the business, working capital loans for MSMEs in Indonesia will be provided with the funding. In accordance with a statement, it has provided working capital loans totalling more than US $800 million to 1.6 million businesses, the majority of which are run by women.
Amartha, a company founded in 2010, was on the verge of failure before switching in 2016 from traditional microfinance to peer-to-peer lending. The business claimed that the previous three years had been profitable.
President Joko Widodo appointed CEO Andi Taufan Garuda Putra as a member of his special staff in 2019, but Putra resigned soon after.
According to media reports, Amartha previously raised $85.5 million over several rounds, including US $50 million from the UK-based Lendable.
