Indonesian P2P lending and debt financing platform Amartha has just announced that it has received US$ 50 million from London-based debt financing company Lendable, which also has offices in Nairobi, New York, and Singapore. Amartha plans to use the amount to help female micro-entrepreneurs in rural Indonesia gain access to proper financing.

The P2P lending platform has been backed by a number of local and international investors throughout the years. In March 2017, Amartha secured its Series A (undisclosed amount) from Bank Mandiri’s venture capital fund Mandiri Capital Indonesia, Lynx Asia Partners, Beenext, and Midplaza Holding. It closed its Series B round last November 2019 with the help of Line Ventures, Bamboo Capital Partners, and UOB Venture Management.

Now, with Lendable’s support, Amartha can take their business a step further and help empower Indonesia’s 22 million female micro-entrepreneurs to develop or start their businesses as the company tries to help the country recover economically post-pandemic.

“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,” said Andi Taufan Garuda Putra, Founder and current Chief Executive Officer at Amartha.

Since its founding in 2010, Amartha has been connecting MSME businesses owned by women with investors to bring their business to the next level. Amartha claims that it has handled roughly $222,000 (IDR 3.16 trillion) which helped more than 610,000 female micro-entrepreneurs across Java, Sumatra, and Sulawesi.

Andi explains why Amartha specifically helps female entrepreneurs in Indonesia: “Economically, Amartha has helped empower women since 2010. We are grateful for the trust given by Lendable to realize the 2X Challenge in Indonesia so that women can increase their role in the Indonesian economy, especially in the context of post-pandemic recovery.”

Hani Ibrahim, Chief Information Officer at Lendable, also weighed in on the matter: “Gender lens investing is a critical development goal in the emerging and frontier markets. We have been impressed with the energy and dedication that the Amartha team has poured into promoting financial inclusion for female micro-entrepreneurs in rural Indonesia. Amartha’s objectives very much align with Lendable’s commitment and our aim of supporting the unbanked and underbanked segments of society by providing debt to FinTechs that deliver crucial services.”

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