Financial technology (FinTech) firm, PT Amartha Mikro Fintek, received new funding worth US$28 million led by Women’ World Banking Capital Partners (WWB) II together with PT MDI Ventures. The funding round is also supported by existing investors such as PT Mandiri Capital Indonesia and UOB Venture Management Private Ltd.

According to founder & CEO, Andi Taufan Garuda Putra, the funds will be distributed to women ultra micro entrepreneurs ranging around the archipelago. The financial company is the first investment destination of WWB II in Southeast Asia.

This investment seeks to close the gender gap in financial inclusion by investing in top performing financial service providers to serve low-income segments of women, expanding gender diversity in their staff and management teams, and leveraging innovative solutions to increase community outreach and engagement.