Indonesia’s small businesses need an estimated $234 billion in additional growth capital by 2030.

Financial services provider Amartha has loaned more than 25 trillion rupiah ($1.6 billion) to 2.5 million women-led businesses in rural and peri-urban areas of the country.

A $17.5 million investment from Accion’s $153 million Digital Transformation Fund will help Amartha increase deployment of new digital financial services, strengthen its analytics capabilities, and drive new small business products. Amartha’s Ramdhan Anggakaradibrata says capital will position the financial services firm to “remain at the forefront of fintech innovation” with new data and AI capabilities.

Accion’s Digital Transformation Fund raised $152.5 million from FMO, British International Investment, Swedfund and other investors. It will cut equity checks in financial institutions in the Global South to support adoption and acceleration of digital financial services.