Indonesian P2P lending platform Amartha has secured a $55-million loan from three European development finance institutions—Swedfund, Finnfund, and the Belgian Investment Company for Developing Countries (BIO)—as part of a larger $199-million syndicated facility led by the International Finance Corporation (IFC), a member of the World Bank Group.
Swedfund is committing $25 million, while Finnfund and BIO are each committing $15 million to Amartha. The agreement follows IFC’s previously announced partnership with Amartha in September 2023, which outlined a facility that could be scaled up to $206 million, according to a company statement.
The financing will support Amartha’s efforts to improve access to affordable funding for women-led micro-enterprises, especially those operating in rural and underserved regions outside Java Island. These businesses often struggle to access formal financial services, relying instead on informal lenders that charge high interest rates.
Indonesia’s micro, small, and medium enterprise sector, which employs the majority of the country’s workforce, faces a financing gap of roughly $21 billion, with women-led businesses among the most affected.
Founded in 2010, Amartha aims to close this gap by offering collateral-free loans on sustainable terms and leveraging technology to reach remote communities. The platform connects institutional capital with grassroots borrowers through a group lending model.
It has also introduced AmarthaFin, an app that enables borrowers to become micro-lenders themselves, thereby enhancing income-generating opportunities.
“Swedfund’s investment will enable Amartha to reach women entrepreneurs in rural areas with financial resources through responsible lending, boosting local economic stability and growth,” Jane Niedra, investment director for financial inclusion at Swedfund, said in a statement.
Echoing this sentiment, BIO CEO Joris Totté, said, “Through our investment in Amartha, we aim to accelerate the adoption of secure and accessible digital financial services, empowering women entrepreneurs to participate fully in the digital economy and manage their finances with greater autonomy and transparency.”
Previpusly, Amartha secured a $100-million loan from a US-based impact investment firm, Community Investment Management, in June 2023; and $10 million from Lendable in February 2021.
In November 2024, Amartha announced it had acquired a 100% stake in PT Bosowa Multi Finance, a leasing company owned by local conglomerate Bosowa Group.
Last month, IFC invested $12 million in Indonesian healthcare distributor and medical device manufacturer PT Mendela Potentia Tbk, as part of its broader strategy to deepen private sector participation in healthcare and to support Indonesia’s shift towards self-sufficiency in the production of essential medical products.
Then, in February 2025, along with OCBC NISP, it extended a $53-million sustainability-linked loan to Warburg Pincus-backed retail and logistics property platform PT Nirvana Wastu Pratama (NWP) Property.
