Fintech Pioneer Amartha Secures $55M from European Development Finance Institutions to Empower Women Entrepreneurs in Rural Indonesia

JAKARTA, Indonesia, June 18, 2025 /PRNewswire/ -- Indonesian fintech pioneer Amartha, a digital financial technology provider which serves Indonesia's rural grassroots entrepreneurs, has secured USD $55 million in funding from three European development finance institutions: Swedfund (Sweden), Finnfund (Finland), and BIO (Belgian Investment Company for Developing Countries).

Evi, a small clay artisan from Klaten, Indonesia, grew her home-based business with funding from Amartha and now exports her handmade crafts abroad, as far away as France.

Andi Taufan Garuda Putra, Founder & CEO of Amartha, stated, "This collaboration with three European state-owned development finance institutions highlights foreign investors' recognition of both the tremendous potential of the grassroots segment and Amartha's strong capability and governance in serving it. Amartha is committed to channeling this funding to reach millions of grassroots women entrepreneurs across Indonesia."

Of the total $55 million, Swedfund contributed $25 million, while Finnfund and BIO each contributed $15 million. This funding will be channeled to support women-led microenterprises in rural areas through increased access to financing. The loan is part of a broader syndicated facility of up to USD 199 million, led by the International Finance Corporation (IFC), a member of the World Bank Group.

"The funding comes as a strong vote of confidence in Amartha's grassroots-focused model and proven operational excellence, especially at a time when startup investment across Southeast Asia has slowed," said Amartha Chief Financial Officer Ramdhan Anggakaradibrata.

Both DealStreetAsia and Tech in Asia reported a continued funding decline into Q1 2025 for the Southeast Asian tech ecosystem.

Founded in 2010, Amartha has provided financial services to more than 3.3 million ultra-micro businesses across Indonesia of which 99 percent are women-owned.

"Our model combines responsible lending, digital innovation, including robust AI-enabled risk profiling and management, and hyperlocal understanding of grassroots behavior," Taufan added. "It's this blend that builds trust, not not just with our customers, but with global investors seeking real impact."

Jane Niedra, Investment Director for Financial at Swedfund, stated, "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."

Finnfund highlighted Amartha's innovation in developing the AmarthaFin digital app, which aims to broaden access to financial services in underserved areas.

"It has recently developed a new app, AmarthaFin, whereby Amartha's customers can become micro-lenders to other group loan borrowers. With AmarthaFin, borrowers can generate more income," said Ulla-Maija Rantapuska, Senior Investment Manager at Finnfund.

BIO CEO Joris Totté also emphasized the importance of digital financial tools. "Digital payments and e-wallets are powerful tools for financial inclusion, especially in rural communities where traditional banking infrastructure is limited," he said.

Earlier this year, Amartha convened global players at the 2025 Asia Grassroots Forum in Bali, highlighting the untapped potential of rural economies and laying the groundwork for broader investment and collaboration.

"In our 15-year journey focusing on this segment, Amartha has demonstrated that such potential can be realized through technology built on a deep understanding of the behaviors and needs of the communities we serve. We are grateful for the trust Swedfund, Finnfund, and BIO have placed in us in supporting our mission for greater financial inclusion," Taufan concluded.

About Amartha

Amartha's mission is to improve the welfare of the grassroots segment, through tailored digital financial services. Founded in 2010, Amartha is now growing to build a microfinance ecosystem through capital loan, risk segmentation and payment services. Amartha advances the bottom of the pyramid by increasing the competitiveness of MSMEs. Thus, we empower more women's MSMEs, create jobs and build more inclusive economic growth.

As of March 2025, Amartha, which is licensed and supervised by the Financial Services Authority (OJK), has disbursed working capital loans of more than 35 trillion rupiah to 3.3 million MSMEs, of which more than 90 percent are led by women, spread across more than 50,000 villages throughout Indonesia.

About BIO

The mission of the Belgian Investment Company for Developing Countries (BIO)is to promote the establishment of a strong private sector in developing and emerging countries, to enable them to access growth and sustainable development, within the framework of the Sustainable Development Goals. BIO was created in 2001 with the Belgian Federal State as sole shareholder. Its ultimate goal is to help strengthen the private sector in developing countries.

About Finnfund

Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund's investments, commitments, and investment decisions total about 1.23 billion euros, half of them in Africa. The company has 97 employees based in Helsinki and Nairobi.

About Swedfund

Swedfund is Sweden's development finance institution with the mission to reduce poverty through sustainable investments in developing countries. Swedfund has two instruments to fulfil its mission: sustainable investments in the private sector and technical feasibility studies through the Project Accelerator targeting critical infrastructure in the public sector. Swedfund's investments contribute to the creation of decent jobs and increased access to essential products and services such as electricity and food. Swedfund is a long-term investor and is additional and catalytic through its investments and by mobilising private capital.