1. Startups

IFC Will Provide 379 Billion Rupiah "Debt Funding" to Amartha

IFC is also opening additional funds with partners with a commitment amount of up to $ 150 million

Startups p2p loans Amartha will reportedly obtain a loan facility (debt funding) from the International Finance Corporation (IFC). The amount that Amartha obtained in the agreement was $ 25 million (more than 379 billion Rupiah) and opened additional funds with its partners with commitments of up to $ 150 million.

Quote from IFC website, submitted that this proposed investment is a senior stage asset-backed security (senior tranches of asset backed securities) which will be formed to collect loan receivables, will later be used to improve access to finance for micro-entrepreneurs, especially women entrepreneurs.

Until this article was published, Amartha's Co-Founder & CEO Andi Taufan Garuda Putra had not yet provided a response.

Amartha is not the only portfolio from Indonesia to join IFC - in the form of equity and debt. Previously, there were several startups among them We can, CloudCash, eFishery, PasarPolis, and Adi Sarana Armada as parent of AnterAja.

Since its inception in 2010, Amartha has focused on providing access to capital, especially for women entrepreneurs who have been in the category of unbanked and underbanked.

According to Amartha's internal data, cumulatively it has distributed business capital worth more than IDR 10 trillion. Business capital is distributed to more than 1,4 million ultra-micro business actors spread throughout Amartha's operational areas.

Meanwhile, throughout 2022 alone, it will reach more than IDR 4,7 trillion, growing 93% (YoY) or almost double the previous figure of IDR 2,4 trillion. This capital distribution is dominated by funding support from 24 banking partners with a total distribution of around IDR 3 trillion or more than 60% of the total funding sources.

In September 2022, the company created a new business unit focused on alternative credit scoring Ascore. ai. This platform is built on a database of more than 1 million Amartha ultra-micro entrepreneur partners over the last seven years to measure the risk in disbursing loans to underserved segments.

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This solution is expected to produce output in the form of risk values, calculation of loan interest, data processing, and decisions that affect the business. That way, it can encourage more businesses to understand their market share, and allow for wiser decision making.

The Ascore.ai solution can be used by both institutions and individuals. For the institutional segment, services are available in the form of risk verification, credit underwriting, advance credit analysis, and checking customer credit. Services can reach the fintech sector, microfinance/financial institutions, banking such as BPR and BPD, cooperatives, agriculture, to marketplaces with product options paylater and loans.

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