International Finance

Indonesian fintech company Amartha raises $7.5 mn from Norfund

Amartha Norfund_IFM_Image
These funds will be used to support environment-friendly business and to fund loans for women micro-entrepreneurs in Indonesia’s rural areas

An Indonesian peer-to-peer (P2P) lending company, Amartha announced that they have raised $7.5 million funding from a Norwegian government investment fund named Norfund, which will help empower more women to become small business owners, especially in rural Indonesia encouraging environment-friendly businesses for a sustainable future.

Founded in 2010, Amartha has since then disbursed more than $258.5 million to the aid of 670,000 women in Java, Sumatra, and Sulawesi Island. This latest investment announcement comes after Amartha raised $28 million from the Women’s World Banking Capital Partners II fund and MDI Ventures earlier this year. The latest collaboration between Amartha and Norfund was marked by a signing ceremony that was attended by Norway Ambassador Vegard Kaale and Amartha CEO & founder Andi Taufan Garuda Putra at the Norwegian Embassy in Jakarta.

Norfund Investment Director & Head of Asia Regional Office Fay Chetnakarnkul told the media, “We appreciate this partnership with Amartha and the work that they have been doing to empower women micro-business owners in Indonesia. Norfund is a crucial platform for the Norwegian Government to empower private institutions in developing nations as well as to decrease the poverty rate. This investment is the first for Norfund in a financial institution in Indonesia; my hope is that it will play a great role in supporting the growth and success of Amartha.”

Norfund’s investment in Amartha is in line with the company’s aim where they strive to take part in environmentally-friendly activities from 2018, which includes the publication of an annual environmental impact and sustainability report. The company also scored the Global Impact Investing Rating System (GIIRS) award from B-Corp with a Platinum grade in 2019.

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