Banking & Finance News Stories

Amartha bagged new funds in Series B Funding Round

The Indonesia-based lending company Amartha secured an undisclosed amount in its Series B round led by LINE Ventures.

Amartha is a financial technology company that connects micro and SME partners with investors via the website. It is established in 2010 as microfinance with the mission of connecting micro-business with investors online.

It was founded by Andi Taufan Garuda Putra with the legal entity Amartha Indonesia Cooperative aiming to provide financial access to rural communities that were not reached by banks in order to develop their businesses.

The fintech company secured an undisclosed amount of funds from its Series B funding round led by LINE Ventures – a venture that supports revolutionary new startups. The Series B was also supported by Bamboo Capital Partners, UOB Venture Management, PT Teladan Utama, and PT Medco Intidinamika.

According to the company, they plan to use the new funds to grow its lending service to more families and merchants in villages across Indonesia.

“At present, Amartha has channeled Rp 1.6 trillion in funding to more than 343 thousand partners in, 200 villages in Java and Sulawesi. This series B will be used by Amartha to expand business throughout Indonesia so that it can empower more women and families in rural areas,” said Andi Taufan Garuda Putra, CEO of Amartha.

“By expanding coverage throughout Indonesia, Amartha also expects to accelerate financial inclusion through digital financial innovation, also to stay true to their vision, equal welfare across Indonesia,” Putra added.

The lending company believes that easy access to capital for micro-business can contribute to improving the quality of life of the lower pyramid community, building economic resilience, and realizing social justice for the people of Indonesia.

James Lim, LINE Ventures director said, “LINE Ventures is excited to join Amartha in its mission to improve financial inclusion throughout the country.”

“With Amartha’s solid management team and always striving to meet the highest standards of authority regulations, also in its capacity with technology and operations, Amartha is in a good position to maintain and promote more healthy socio-economic welfare,” Lim added.

Jean-Philippe de Schrevel, founder of Bamboo Capital Partners also commented saying, “throughout its platform, Martha connects committed clients from the village to their lenders from the city, creating new business opportunities for both of them.”