Through its Accion Digital Transformation Fund, international nonprofit Accion provided an equity funding of US$17.5 million to microfinance fintech company Amartha.
The new funding will be used to support Amartha in developing a platform that will use AI and data to offer financial services and goods to underserved women-owned small enterprises in rural Indonesia.
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Ramdhan Anggakaradibrata, Chief Financial Officer of Amartha said: “Amartha and Accion have shared objectives — reducing inequality in access to financial services. The latest funding from Accion Digital Transformation Fund will help strengthen our ability to leverage the power of data and AI. We will not only meet the current needs of our customers but also anticipate future trends and challenges. This approach will help us remain at the forefront of fintech innovation, continually evolving to provide cutting-edge financial solutions that empower our customers and drive sustainable growth.”
This latest investment positions Amartha to increase its product offerings in the MSMEs sector, strengthen its advanced audience analytics system, and drive adoption of its digital services, connecting many more people and small businesses to responsible financial services.
Njord Andrewes, Managing Partner of Accion Transformation Capital and member of Amartha’s Board of Commissioners, said: “Through its unique business model and marketplace platform, we believe Amartha is in a prime position to connect many women-led small businesses across Indonesia to responsible financial services for the first time. We are partnering with Amartha to provide both strategic support and growth capital, as they work to reach new clients in underserved areas using digital technologies.”
About Amartha
Amartha is a microfinance technology company. It leverages innovative technology and partnership to build an ecosystem for the grassroots economy serving women-led micro and SMEs, merchants, institutional banking, retail investors, and startups.
