Indonesian peer-to-peer (P2P) lending company Amartha has closed its Series B round to support expansion across the country.
LINE Ventures led the investment, with contributions also coming from Bamboo Capital Partners, UOB Venture Management, PT Teladan Utama and PT Medco Intidinamika.
The FinTech startup is aimed at helping unbanked micro entrepreneurs connect with retail investors. Its technology eases the borrowing process by automating the application procedures, data gathering, credit decisioning and scoring, and servicing.
Indonesia’s FinTech sector has seen a number of deals close during the tail-end of 2019. Online insurance platform Fuse closed a Series A investment from EV Growth Last month and in September, digital credit platform Kredivo netted $20m in a debt round to support growth.
The National Islamic Finance Committee recently revealed its is looking to release its Islamic FinTech roadmap for Indonesia during the third quarter of 2020, to help boost the development of solutions.
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