BDA Advises Amartha on Capital Raise from a Consortium Led by Accion
New York, NY, June 18, 2024 --(PR.com)-- BDA Partners is pleased to announce that its client, Amartha, an Indonesian microfinance technology company, has successfully raised growth capital in a funding round led by Accion Digital Transformation Fund, with participation from Maj Invest and Women’s World Banking. The investment aims to help deliver Amartha’s ambition of building a platform providing a full suite of financial products and services to underserved women-led small businesses in mainly rural areas across Indonesia by harnessing the power of data and AI.
BDA was the exclusive financial advisor to Amartha on the transaction. Terms of the transaction were not disclosed.
Amartha has developed a comprehensive digital financial infrastructure that connects microbusinesses in Tier 2 and 3 cities across Indonesia. By incorporating an embedded lending and funding model for both institutional and retail investors, Amartha streamlines personalised financial solutions that resonate with their customers. Amartha also offers payment services and a proprietary credit scoring system, providing a highly integrated microfinance technology option for digitising Indonesia’s grassroot communities. To date, Amartha has disbursed working capital of over 25 trillion Indonesian rupiah (US$1.6 billion) to over 2.5 million women-led businesses in rural and peri-urban areas of Java, Sumatra, Nusa Tenggara, Sulawesi and Kalimantan.
Managed by Accion Impact Management, the Accion Digital Transformation Fund builds on Accion’s experience supporting banks and finance companies around the world to connect millions of people and small businesses to the digital economy. Investments from the US$152.5 million fund focus on companies serving micro, small and medium enterprises (MSMEs) across South and SE Asia, LATAM and Africa, providing growth capital and strategic support for digital transformation.
Ramdhan Anggakaradibrata, Chief Financial Officer of Amartha, said, “Amartha and Accion have shared objectives – reducing inequality in access to financial services. The latest funding from Accion Digital Transformation Fund will help strengthen our ability to leverage the power of data and AI. We will not only meet the current needs of our customers but also anticipate future trends and challenges. This approach will help us remain at the forefront of FinTech innovation, continually evolving to provide cutting-edge financial solutions that empower our customers and drive sustainable growth.”
Njord Andrewes, Managing Partner of Accion Transformation Capital and member of Amartha’s Board of Commissioners, said, “Through its unique business model and marketplace platform, we believe Amartha is in a prime position to connect many women-led small businesses across Indonesia to responsible financial services for the first time. We are partnering with Amartha to provide both strategic support and growth capital, as they work to reach new clients in underserved areas using digital technologies.”
Rica Wirianata, Partner, BDA Partners, said, “This transaction epitomises robust cross-border interest in the thriving Indonesian economy. We continue to be excited about backing high quality category leaders like Amartha.” Anindita (Andi) Das, Managing Director and Head of Technology SE Asia, BDA Partners, said, “This is a landmark transaction in the SE Asian FinTech space that truly reflects how impact investing is enabling the democratisation of financial services. Amartha’s successful fundraise is a renewed vote of confidence in the region’s dealmaking environment with investors backing high-growth, profitable companies. We are delighted to have advised Amartha on this transaction and congratulate Amartha and Accion on their partnership.”
BDA Deal Team
Jeff Acton, Partner, Co-Head of Tokyo, Head of Technology, Tokyo
Rica Wirianata, Financial Sponsors Group, Singapore
Anindita Das, Managing Director, Head of Technology SE Asia, Singapore
Rishi Das, Director, Singapore
Joscelin Kee, Vice President. Singapore
Daryl Lee, Associate, Singapore
John Chui, Analyst, Singapore
Brandon Heng, Analyst, Singapore
About Amartha
Amartha leverages innovative technology and partnership to build an ecosystem for the grassroots economy serving women-led micro and SMEs, merchants, institutional banking, retail investors and startups. By specifically targeting segments considered too small and remote for conventional banking systems, Amartha has become a pivotal force in supporting these underserved communities by providing affordable and flexible working capital loans. Originally established as a microfinance institution in 2010, Amartha emerged into a technology company in 2016. Today, it stands as a leading digital financial service provider in Indonesia, specialising in a diverse range of financial solutions for the “bottom of the pyramid” segment. Having disbursed over US$1.6 billion in working capital to more than 2.5 million women-led Micro and Small Enterprises across 72,000 villages in Indonesia. Amartha’s impact reach continues to grow. www.amartha.com/en/
About Accion
Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. Accion develops and scales responsible digital financial solutions for small business owners, smallholder farmers and women, so that they can make informed decisions and improve their lives. Through targeted investment strategies, advisory solutions and expert thought leadership, Accion works with local partners to develop and scale cheaper, more accessible and customer-friendly financial solutions. Since 1961, Accion has helped build more than 230 financial service providers serving low-income clients in 75 countries, reaching more than 350 million people. www.accion.org
Accion Impact Management is Accion’s platform for impact investments in financial inclusion leveraging third-party capital. It is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). Please note that registration with the SEC does not imply a certain level of skill or training. Accion Impact Management is staffed by a team of expert investment professionals, working to harness the capital markets to seek to provide high-quality and affordable financial services to people who are currently excluded from the financial system. www.accion.org/accionimpactmanagement
About BDA Partners
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
www.bdapartners.com
BDA was the exclusive financial advisor to Amartha on the transaction. Terms of the transaction were not disclosed.
Amartha has developed a comprehensive digital financial infrastructure that connects microbusinesses in Tier 2 and 3 cities across Indonesia. By incorporating an embedded lending and funding model for both institutional and retail investors, Amartha streamlines personalised financial solutions that resonate with their customers. Amartha also offers payment services and a proprietary credit scoring system, providing a highly integrated microfinance technology option for digitising Indonesia’s grassroot communities. To date, Amartha has disbursed working capital of over 25 trillion Indonesian rupiah (US$1.6 billion) to over 2.5 million women-led businesses in rural and peri-urban areas of Java, Sumatra, Nusa Tenggara, Sulawesi and Kalimantan.
Managed by Accion Impact Management, the Accion Digital Transformation Fund builds on Accion’s experience supporting banks and finance companies around the world to connect millions of people and small businesses to the digital economy. Investments from the US$152.5 million fund focus on companies serving micro, small and medium enterprises (MSMEs) across South and SE Asia, LATAM and Africa, providing growth capital and strategic support for digital transformation.
Ramdhan Anggakaradibrata, Chief Financial Officer of Amartha, said, “Amartha and Accion have shared objectives – reducing inequality in access to financial services. The latest funding from Accion Digital Transformation Fund will help strengthen our ability to leverage the power of data and AI. We will not only meet the current needs of our customers but also anticipate future trends and challenges. This approach will help us remain at the forefront of FinTech innovation, continually evolving to provide cutting-edge financial solutions that empower our customers and drive sustainable growth.”
Njord Andrewes, Managing Partner of Accion Transformation Capital and member of Amartha’s Board of Commissioners, said, “Through its unique business model and marketplace platform, we believe Amartha is in a prime position to connect many women-led small businesses across Indonesia to responsible financial services for the first time. We are partnering with Amartha to provide both strategic support and growth capital, as they work to reach new clients in underserved areas using digital technologies.”
Rica Wirianata, Partner, BDA Partners, said, “This transaction epitomises robust cross-border interest in the thriving Indonesian economy. We continue to be excited about backing high quality category leaders like Amartha.” Anindita (Andi) Das, Managing Director and Head of Technology SE Asia, BDA Partners, said, “This is a landmark transaction in the SE Asian FinTech space that truly reflects how impact investing is enabling the democratisation of financial services. Amartha’s successful fundraise is a renewed vote of confidence in the region’s dealmaking environment with investors backing high-growth, profitable companies. We are delighted to have advised Amartha on this transaction and congratulate Amartha and Accion on their partnership.”
BDA Deal Team
Jeff Acton, Partner, Co-Head of Tokyo, Head of Technology, Tokyo
Rica Wirianata, Financial Sponsors Group, Singapore
Anindita Das, Managing Director, Head of Technology SE Asia, Singapore
Rishi Das, Director, Singapore
Joscelin Kee, Vice President. Singapore
Daryl Lee, Associate, Singapore
John Chui, Analyst, Singapore
Brandon Heng, Analyst, Singapore
About Amartha
Amartha leverages innovative technology and partnership to build an ecosystem for the grassroots economy serving women-led micro and SMEs, merchants, institutional banking, retail investors and startups. By specifically targeting segments considered too small and remote for conventional banking systems, Amartha has become a pivotal force in supporting these underserved communities by providing affordable and flexible working capital loans. Originally established as a microfinance institution in 2010, Amartha emerged into a technology company in 2016. Today, it stands as a leading digital financial service provider in Indonesia, specialising in a diverse range of financial solutions for the “bottom of the pyramid” segment. Having disbursed over US$1.6 billion in working capital to more than 2.5 million women-led Micro and Small Enterprises across 72,000 villages in Indonesia. Amartha’s impact reach continues to grow. www.amartha.com/en/
About Accion
Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. Accion develops and scales responsible digital financial solutions for small business owners, smallholder farmers and women, so that they can make informed decisions and improve their lives. Through targeted investment strategies, advisory solutions and expert thought leadership, Accion works with local partners to develop and scale cheaper, more accessible and customer-friendly financial solutions. Since 1961, Accion has helped build more than 230 financial service providers serving low-income clients in 75 countries, reaching more than 350 million people. www.accion.org
Accion Impact Management is Accion’s platform for impact investments in financial inclusion leveraging third-party capital. It is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). Please note that registration with the SEC does not imply a certain level of skill or training. Accion Impact Management is staffed by a team of expert investment professionals, working to harness the capital markets to seek to provide high-quality and affordable financial services to people who are currently excluded from the financial system. www.accion.org/accionimpactmanagement
About BDA Partners
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.
BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
www.bdapartners.com
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BDA Partners
Euan Rellie
212-265-5300
www.bdapartners.com
Euan Rellie
212-265-5300
www.bdapartners.com
Contact
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