The funding, the value of which has not been disclosed, is also supported by other venture capital firms including Bamboo Capital Partners, which focuses on social impact, and Singaporean lender UOB’s Venture Management.

“Amartha has lent Rp 1.6 trillion [US$113 million] to over 343,000 partners across 5,200 villages in Java and Sulawesi. Amartha will use its series B funding for further business expansion to empower more women and families in more villages across the country,” said Amartha CEO Andi Taufan Gruda Putra, who currently serves as a member of President Joko “Jokowi” Widodo’s staff.

In 2017, PT Mandiri Capital Indonesia (MCI), a subsidiary of state-owned lender Bank Mandiri, and its partners Lynx Asia Partners, Beenext and Midplaza Holding invested up to $5 million in Amartha.

Amartha, a peer-to-peer (P2P) lending platform that primarily funds micro enterprises owned by women in villages, has had a significant impact on the welfare of aspiring entrepreneurs in its target regions, according to a recent report commissioned by the Center for Digital Society (CfDS).

The report shows that Amartha has enabled unbanked entrepreneurs across Java to improve their businesses and earn more income through accessible funding.

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

UOB Venture Management CEO Seah Kian Wee said the company was committed to funding innovative startups that catered to the needs of low-income populations such as Amartha.

“Through its platform, Amartha connects committed clients from the village to their lenders from the city, creating new business opportunities for both of them,” said Bamboo Capital Partners founder Jean-Philippe de Schrevel. (rfa)