Amartha, an Indonesian P2P lending platform focused on women micro-entrepreneurs, has raised US$28 million investment from the Women’s World Banking Capital Partners II fund and MDI Ventures.
Mandiri Capital and UOB Venture Management also participated.
This comes fresh off Amartha’s US$50 million debt financing round from US-based Lendable in February this year.
The latest round of investment will be used to strengthen Amartha’s community-based lending business and further develop its product.
Headquartered in Jakarta, Amartha provides access to women micro-entrepreneurs in rural areas seeking working capital and connects them with lenders.
“Beyond lending, we have other services such as Amartha for Business Partners to encourage offline-to-online transactions, supporting end-to-end loan management from origination and disbursement to repayment,” Andi Taufan Garuda Putra, founder of Amartha, said.
“We also have Amartha Plus that empowers communities with group buying, where we connect them with e-commerce platforms so they can shop more conveniently and get more affordable prices. Moreover, we’ll launch Amartha Score, where we build our partners’ credit history digitally, making it easier for them to get other financial services,” he added.
As of now, it operates in more than 18,600 villages within Indonesia including Java, Sumatra, and Sulawesi.
The company claims to have helped over 600,000 women micro-entrepreneurs receive loans of up to US$240,000.
Taufan also told TechInAsia that the company has been cash-flow positive since last year and is expected to hit profitability this year.
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