Indonesia Digest: P2P lender Amartha bags $28m; LinkAja buys iGrow

LinkAja acquired the P2P lending iGrow

P2P lender Amartha has secured funding while state-backed e-wallet LinkAja has acquired iGrow.

Amartha bags $28m led by Women’s World Banking

Indonesian peer-to-peer fintech startup Amartha has secured $28 million in fresh funding led by Women’s World Banking Capital Partners II alongside MDI Ventures. Existing investors such as Mandiri Capital Indonesia and UOB Venture Management also joined the round

The Amartha deal marks WWB’s first investment in Southeast Asia. WWB Capital Partners II is the second gender-lens investment fund set up by Women’s World Banking, a global non-profit that has worked on women’s financial inclusion for over 40 years. 

Amartha provides working capital loans – ranging from Rp 3 million ($200) to Rp 10 million ($700) – for women entrepreneurs in rural areas on the community-based (Grameen) model.

The funding will be used to strengthen its core community lending business, accelerate product innovations, and roll out additional services such as village digitization, group buying, warung loan, crowdfunding, among others.

To date, it claims to have disbursed over $240-million worth of loans to more than 660,000 women micro-entrepreneurs across 18,900 villages in Java, Sumatra, and Sulawesi. 

LinkAja acquires P2P lender iGrow

Indonesia’s state-backed e-wallet LinkAja has acquired a fintech P2P lending, iGrow, for an undisclosed sum, according to the company’s statement. The acquisition aims to expand LinkAja’s online payments business targeting SMEs.

LinkAja CEO Haryati Lawidjaja said that the e-wallet seeks to expand its financing by giving easy financial access for people in the middle-to-low income group and SMEs.

Currently, LinkAja has around 68 million registered users, with over 1 million local merchants, and 370,000 national merchants, transportation vehicles, and 680 traditional markets.

LinkAja plans to expand the Islamic-based financial business and products, after it launched its sharia service in April 2020. It became the first and only sharia e-money in Indonesia. More than 2.6 million registered users have joined LinkAja’s sharia service.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.