A fruit stall in Bali, Indonesia
Indonesia-based fintech lending startup Amartha has received a series B funding led by LINE Ventures, the venture capital arm of messaging app LINE, as reported by The Jakarta Post.
Joining the funding round are Bamboo Capital Partners, a VC firm which focusses on social impact, and Singaporean lender UOB’s Venture Management.
The company said that it will use the funding to grow its lending outreach to more women and families in villages across Indonesia.
Also Read: Indonesian P2P lending platform Amartha raises Series A, aims to disburse US$30M by end of year
Amartha CEO Andi Taufan Gruda Putra currently serves as a member of President Joko “Jokowi” Widodo’s staff.
Amartha is a peer-to-peer (P2P) lending platform that seeks to support micro-enterprises owned by women in villages. Its main mission is to provide a significant impact on the welfare of aspiring entrepreneurs in its target regions.
“LINE Ventures is excited to join Amartha in its mission to improve financial inclusion throughout the country,” said LINE Ventures director James Lim.
Bamboo Capital Partners founder Jean-Philippe de Schrevel, also weighed in on the made investment: “Through its platform, Amartha connects committed clients from the village to their lenders from the city, creating new business opportunities for both of them.”
Amartha said it has lent IDR1.6 trillion [US$113 million] to over 343,000 partners across 5,200 villages in Java and Sulawesi.
In 2017, Amartha received funding from PT Mandiri Capital Indonesia (MCI), a subsidiary of state-owned lender Bank Mandiri, and its partners Lynx Asia Partners, along with Beenext and Midplaza Holding.
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