PT Amartha Mikro Fintek, received new funding worth US$28 million led by Women' World Banking Capital Partners II together with PT MDI Ventures also the existing investors PT Mandiri Capital Indonesia amd UOB Venture Management Private Ltd. - Photo by the Company

JAKARTA (TheInsiderStories) – Financial technology (FinTech) firm, PT Amartha Mikro Fintek, received new funding worth US$28 million led by Women’ World Banking Capital Partners (WWB) II together with PT MDI Ventures. The funding round also supported by existing investors such as PT Mandiri Capital Indonesia and UOB Venture Management Private Ltd.

According to founder & CEO, Andi Taufan Garuda Putra, the funds will be distributing to women ultra micro entrepreneurs ranging around the archipelago. The financial company is the first investment destination of WWB II in Southeast Asia.

This investment seeks to close the gender gap in financial inclusion by investing in top performing financial service providers to serve low-income segments of women, expanding gender diversity in their staff and management teams, and leveraging innovative solutions to increase community outreach and engagement.

“WWB is dedicated to closing the gender gap in digital financial services and we are delighted to be working with Amartha on this important journey. “said Yrenilsa Lopez from the Women’ World’ Banking representative in the official statement released on Monday (05/03).

During the pandemic, total loan balance and distribution of business capital of Amartha have exceeded the level before the virus outbreak. To date, the P2P lending provider has distributed more than Rp3.55 trillion (US$244.83 million) in loans to more than 661,369 women entrepreneurs in ultra-micro businesses in more than 18,900 villages in Java, Sumatra and Sulawesi.

Chairman of Financial Service Authority (FSA), Wimboh Santosa, has announced last week, total outstanding value of FinTech lending has grew more than doubled in the first quarter of 2021 to Rp19.04 trillion, jumped by 28.7 percent on an annual basis.

While, the Indonesian Joint Funding FinTech Association (AFPI) reported since the beginning of 2021, there have been an additional 19 players who have the blessing from the regulators. Now, 90 of the 146 AFPI members are registered and can immediately obtain the permit status, he adds.

He elaborated, FinTech players who have obtained permits from FSA are Dhanapala, Cicil, 360 KREDI, Kredinesia, Pintek, People’ Capital, Solusiku, Cairin, TrustIQ, KlikKami, PINJAM YUK, FinPlus, UangMe, PinjamDuit, SYARIAH FUNDS, BATUMBU, Cashfast, klikUMKM, and Easy Borrow.

“This is a big progress, and we hope that in the future there will be more and more members following in the footsteps of the 56 licensed members of the FSA,” said the director executive of the organization, Kuseryansyah.

US$1: Rp14,500

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