ImpactAlpha, February 25 – Jakarta-based lending platform Amartha supports unbanked women micro-entrepreneurs in Indonesia’s rural areas. It secured $10 million in credit from Nairobi-based Lendable, which lends to inclusive fintech companies in emerging markets. Amartha could eventually tap up to $50 million through the facility.
Amartha started as a traditional microfinance institution 11 years ago before evolving to a peer-to-peer model. It has backed more than 600,000 women entrepreneurs.
Lendable’s early focus was providing early capital to fintech ventures in Africa, like Uganda-based Tugende, a motorcycle finance company. The organization has expanded its focus to other emerging markets.
By prioritizing organizations that disproportionately serve women, Lendable has made itself eligible for funding under the 2X Challenge among global development finance institutions (see, “With billions as bait, development financiers seek to hook private investors on gender-lens investing”).
The company is backed by OmidyarNetwork, Acumen’s KawiSafi Ventures and Ceniarth.