Indonesian Fintech Startup Amartha Secures Series B Funding From Line And Others
Indonesian startup and peer-to-peer lending startup Amartha has raised an undisclosed amount of series B funding in a round led by Line Ventures, the venture capital arm of global messaging app Line.
The funding round saw participation from Bamboo Capital Partners and UOB Venture Management, among other investors.
The startup Amartha, founded in 2010, connects micro, small, and medium-sized enterprises to potential lenders. It started off as a group lending institution before focusing on P2P lending in 2016 to allow not only banks but also individuals to become investors.
The Indonesian fintech startup
plans to use the new funds to extend its reach to more women and families in villages across Indonesia, according to its CEO Andi Taufan Garuda Putra, who was recently appointed as one of Indonesian President Joko Widodo’s presidential special staffers.
According to the senior executives, Thailand Startup
News was told that Amartha has lent US$113 million to over 343,000 users across 5,200 villages in Java and Sulawesi to date.
The startup in 2017 raised series A funding in a round led by Mandiri Capital Indonesia. Lynx Asia Partners, Beenext, and Midplaza Holding also participated in the round. Though the specific size of the raise was not disclosed, Mandiri Capital Indonesia CEO Eddi Danusaputro said it was between US$2 million and US$5 million.
The startup Amartha is also one of the three P2P lending startups, along with Modalku and PohonDana, that local ecommerce player Bukalapak partnered with to provide loan facilities in its Modal Mitra program.