KUALA LUMPUR -- Indonesian lender Amartha has secured $50 million from U.S.-based Lendable that it will use in its mission to give more women in emerging economies access to financing.
The $50 million facility is targeted at micro entrepreneurs in rural areas who intend to develop or start businesses, according to a statement. It is also meant to encourage a post-pandemic economic recovery.
With the financing, Amartha becomes the first Indonesian company to receive funds linked to the 2X Challenge, an initiative focused on advancing gender equality and women's economic empowerment.
Amartha founder and CEO Andi Taufan Garuda Putra calls women the drivers of the micro economy.
"Economically," he said, "Amartha has helped empower women since 2010. We are grateful for the trust given by Lendable to realize the 2X Challenge in Indonesia so that women can increase their role in the Indonesian economy, especially in the context of post-pandemic recovery."
Amartha estimates there are over 22 million female micro entrepreneurs in Indonesia who lack access to banking and financial institutions.
To date, Amartha has distributed 3.16 trillion rupiah ($220 million) to 610,752 women on Java, Sumatra and Sulawesi. Established in 2010, Amartha operates a website that helps female micro entrepreneurs in rural areas who need working capital connect with lenders interested in making investments.
Founded in 2015, Lendable provides commercial financing to fintech companies across Africa, Asia and Latin America, including off-grid energy companies, MSME lenders, consumer lenders and asset finance companies. Lendable has deployed over $100 million to fintech players that enable financial inclusion.
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