Indonesian Fintech Amartha in Talks to Buy Bank
(29 March 2022 – Indonesia) Indonesian peer-to-peer lender Amartha is in talks to acquire 70 percent of a local bank PT Bank Victoria Syariah.
The deal, if it materialises, would mark a trend of fintechs looking to bolt on traditional banks to their digital ones.
“Amartha remains focused on growing our services in Indonesia to help serve the unbanked women to empower them with capital to start their business and pursue their dreams. We will continue to look for any potential opportunities and avenues to support our business development efforts,” an Amartha spokesperson said.
Amartha has raised $63.5 million in funding across six rounds, attracting a strong bench of investors, including Norway’s sovereign wealth fund Norfund, Mandiri Capital Indonesia, MDI Ventures, Women’s World Banking, UOB Venture, Lendable, LINE Ventures and Bamboo Capital Partners.
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