Amartha

What Amartha does

Amartha is an Indonesian microfinance technology company founded in 2010 that operates a peer-to-peer lending and digital financial services platform serving rural, predominantly women-led micro and small enterprises. The company originated as a group-lending microfinance operation, transitioned to a licensed P2P lending model under OJK in 2019, and has since scaled to serve 3.8-3.9 million micro-entrepreneurs across 42,000-50,000 villages in 24 Indonesian provinces, supported by 680+ branches and approximately 7,500 employees. Its core retail product, Pinjaman Kelompok, structures collateral-free loans starting from Rp5 million within groups of 15-25 borrowers with weekly repayments over 50 weeks, achieving a reported 95.16% payment success rate (TKB).

The technology stack centers on Ascore.ai, an AI/ML credit decision engine that uses alternative data, e-KYC image processing, predictive analytics, and auto-ML to score unbanked rural borrowers (A through E), productized as a standalone B2B SaaS via dashboard, API, and SDK. The AmarthaFin mobile super-app unifies consumer-facing lending (Pinjaman Kelompok), micro-savings (Celengan, from Rp10,000 with returns starting at 5% p.a.), premium impact investment (Amartha Prosper's Grassroots Growth Series with four risk tiers yielding 5.5-14% annually), and a digital agent network (AmarthaLink). B2B infrastructure offerings include Loan Channeling with banks (Standard Chartered, BTN, BNI, Bankjatim, BJB, Bank Saqu), Embedded Lending and Embedded Investment APIs (e.g., with Flip), and the Ascore.ai credit engine.

Amartha monetizes via transaction-based take rates on P2P interest spreads between lender capital and borrower rates, management fees on premium investment portfolios, facilitation and servicing fees on institutional loan channeling, and platform/transaction fees on embedded finance and Ascore.ai SaaS. Capital structure is dominated by debt funding from impact-oriented DFIs (IFC, Norfund, Swedfund, Finnfund, BIO, CIM, Accion), with strategic acquisitions (Bosowa Multi Finance in 2024 for leasing; TwisCode in 2021 for technology) extending the platform beyond pure P2P lending into leasing and embedded finance.

Name

Amartha

Legal name

PT Amartha Mikro Fintek

Website

https://amartha.com

Company type

Private

Founded year

2010

Headcount range

5,001–10,000 employees

Short description

Amartha is an Indonesian microfinance technology platform founded in 2010 that connects rural women-led micro and small enterprises with funding sources via group-based P2P lending, savings, impact investment, and B2B credit infrastructure across 50,000+ villages.

Ownership category

akta.pro rank

Product category

P2P Microfinance Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Software Publishers (5132)

SIC

Loan Brokers (6163), Services-Prepackaged Software (7372)

akta.pro primary industry

P2P Small Business / SME Marketplace Lending (FSAKAHAC)

akta.pro secondary industries

B2B/EDI & Partner Integration (BPAMAOAJ), B2B SaaS & Enterprise Personalization (CRM, Sales, Support) (HDAAAGAJ)

Keywords

• P2p lending platform
• Microfinance services
• Credit scoring saas
• Impact investment platform
• Embedded lending api

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. P2P Lending Interest Spread: Amartha acts as intermediary between lenders (individual and institutional investors) and borrowers (micro-enterprises). Revenue generated from interest rate differential between cost of funds and lending rates to borrowers. Borrowers form group lending circles with weekly repayments.
2. Amartha Prosper Premium Investment Management: Premium investment product (Grassroots Growth Series) with four risk tiers (Dynamic, Progressive, Balanced, Balanced Flex) offering returns from 5.5% to 14% annually. Revenue from management of investor funds deployed to micro-enterprise portfolios.
3. Celengan Savings Investment: Digital savings/investment product with returns starting from 5% p.a., targeting individual users for micro-savings accumulation with flexible tenures.
4. Loan Channeling Services: Partnership model where financial institutions (banks) provide capital and Amartha provides distribution network, credit assessment, and loan servicing. Revenue from facilitation fees and ongoing servicing.
5. Embedded Lending/Borrowing Solutions: API-based lending infrastructure for third-party platforms to offer micro-loans to their users. Revenue from platform fees and per-transaction charges.
6. Embedded Investment Solutions: White-label investment infrastructure for platforms to offer impact investing options. Revenue from partnership fees and transaction processing.
7. AmarthaLink Digital Agent Services: Digital agent network selling financial products (airtime, bill payment, e-wallets). Revenue from transaction margins on digital product sales.

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels10 records

Core offering

Amartha is a P2P lending and microfinance technology platform that connects rural Indonesian women micro-entrepreneurs with individual and institutional funders via group-based micro-loans, savings, and impact investment products. It complements the consumer platform with B2B services including loan channeling with banks, embedded lending and investment APIs, and the Ascore.ai AI-powered credit scoring SaaS, all accessed through the AmarthaFin mobile application.

Product overview

Amartha operates as a multi-product digital financial ecosystem serving rural Indonesian communities, particularly women-led micro and small businesses. The platform architecture consists of Amartha Financial as the overarching brand, with core products for individuals including Pinjaman Kelompok (group micro-loans), Celengan (savings/investment), Amartha Prosper (impact investment with Grassroots Growth Series), and AmarthaLink (digital services agent platform, formerly AmarthaOne). Business solutions include Loan Channeling for institutional partnerships, Embedded Lending and Embedded Investment for API-enabled platform integrations, and Credit Decision Engine (Ascore.ai) for AI-powered credit scoring. The ecosystem is accessed through the AmarthaFin mobile application, with Amartha Empower under the foundation arm for donation and Zakat services.

Differentiator

Problem solved

Functional benefit

Products and services

• Pinjaman Kelompok (Group Micro-Loan)
• Celengan
• Amartha Prosper (Premium Impact Investment)
• AmarthaLink (Agent Services Platform)
• Loan Channeling
• Embedded Lending
• Embedded Investment
• Ascore.ai Credit Decision Engine
• Amartha Empower

Quantifiable outcome

• 3.9M+ women entrepreneurs served across 50,000+ villages
• +4 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature4 records

Partnerships

19 partnerships are on record, tiered core, major, strategic and minor.

• Standard Chartered IndonesiacoreStrategic or Co-development Partner · 11 December 2024Strategic partnership valued at Rp2 trillion for MSME financing. Standard Chartered and Amartha collaborating to provide Rp2 trillion in financing for underserved MSMEs, particularly women-led businesses.
• BTN (Bank Tabungan Negara)majorStrategic or Co-development Partner · 16 October 2024Partnership to expand MSME credit distribution. BTN partnering with Amartha to reach rural micro-borrowers through Amartha's distribution network and credit assessment capabilities.
• Bankjatim (Bank Jawa Timur)majorChannel Partner/ Reseller/ DistributorRegional bank partnership for loan channeling in East Java. Amartha provides credit assessment and distribution; Bankjatim provides capital for MSME lending.
• BJB (Bank Jawa Barat dan Banten)majorChannel Partner/ Reseller/ DistributorRegional bank partnership for loan channeling in West Java. Partnership for MSME financing distribution using Amartha's borrower network and risk assessment.
• Sulselbar (Bank Sulawesi Selatan dan Barat)majorChannel Partner/ Reseller/ DistributorRegional bank partnership for loan channeling in South/Southwest Sulawesi. Collaboration for MSME credit distribution through Amartha's rural network.
• Bank SaqumajorStrategic or Co-development PartnerStrategic collaboration to expand productive financing access to MSMEs and solopreneurs. Partnership combines Bank Saqu's digital banking capabilities with Amartha's micro-lending expertise.
• FlipstrategicTechnology or IntegrationFlip partnered with Amartha for Embedded Investment to boost retail market for productive capital distribution. Amartha provides investment infrastructure integrated into Flip's platform.
• PT Bosowa Multi Finance (Bosowa Group)strategicStrategic or Co-development PartnerAmartha acquired PT Bosowa Multi Finance through holding company PT Amartha Nusantara Raya to enter the leasing market and diversify financial solutions while maintaining focus on productive economic sector.
• Women's World BankingcoreStrategic or Co-development PartnerPartner in Indonesian Coalition for Financial Health (ICFH) launched June 4, 2026. Focus on strengthening financial health outcomes for grassroots communities through research and innovation.
• Center for Financial Inclusion at AccioncoreStrategic or Co-development PartnerPartner in Indonesian Coalition for Financial Health (ICFH). Joint initiative for financial health research and evidence generation for underserved communities.
• Mastercard Center for Inclusive GrowthcoreStrategic or Co-development PartnerPartner in Indonesian Coalition for Financial Health (ICFH) launched June 4, 2026. Focus on financial health innovation hub and cross-sector collaboration.
• BAZNAS (Badan Amil Zakat Nasional)strategicStrategic or Co-development PartnerBAZNAS designated Amartha Foundation as UPZ (Unit Pengumpul Zakat) since 2025, enabling structured collection and distribution of zakat, donations, and sadaqah for community empowerment programs.
• ElevarmminorStrategic or Co-development PartnerPartnership with Elevarm, Rabo Foundation & Scala for global collaborations to grow pro-farmer financing product. Agricultural financing initiative.
• Kementerian Pemberdayaan Perempuan dan Perlindungan Anak (KEMEN PPPA)strategicStrategic or Co-development PartnerCollaboration with Ministry of Women's Empowerment and Child Protection supporting sustainable women's empowerment through DRPPA program (Desa Ramah Perempuan dan Anakclusif).
• IFC (International Finance Corporation)strategicStrategic or Co-development PartnerIFC featured as partner in Amartha's loan channeling initiatives, providing international development finance expertise and support for financial inclusion.
• Queen Máxima of the Netherlands (UNSGSA)coreStrategic or Co-development PartnerFull support from Queen Máxima as UN Secretary-General's Special Advocate for Financial Health for Indonesian Coalition for Financial Health initiative.
• Kementerian Parekraf (Kemenparekraf)strategicStrategic or Co-development PartnerPartnership to develop sustainable tourism industry in Botubarani village, combining financial services with tourism development.
• BNI (Bank Negara Indonesia)majorChannel Partner/ Reseller/ DistributorPartnership to strengthen digital financial inclusion and literacy for MSMEs. Collaboration for MSME financing distribution.
• RajoetminorGTM or Marketing PartnerCollaboration on Amartha Prosper investment promotion. Rajoet provides handcrafted knitted products as exclusive merchandise for investors, symbolizing growth and Indonesian women's craftsmanship.

Scale indicators14 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Modalku (Funding Societies Indonesia): Indonesian arm of Funding Societies, a leading Southeast Asian P2P lending platform focused on SME financing. Most direct Indonesian competitor to Amartha in marketplace lending, with overlapping borrower segments and lender/investor base.
• KoinWorks: Major Indonesian P2P lending fintech serving SMEs with marketplace loans, invoice financing, and business credit products. Directly comparable to Amartha in product category, target market, and regulatory positioning under OJK.
• Akseleran: Indonesian OJK-licensed P2P lending platform connecting SME borrowers with individual and institutional lenders. Closely comparable business model, regulatory status, and customer base to Amartha's marketplace lending core.
• Funding Societies: Singapore-headquartered Southeast Asian P2P lending platform operating across Indonesia, Singapore, Malaysia, Thailand, and Vietnam. Parent of Modalku; one of the largest P2P lenders in the region and direct competitor to Amartha in Indonesian SME financing.
• Dana Cita: Indonesian fintech offering installment-based education financing to students and parents. Comparable to Amartha as an OJK-regulated Indonesian fintech lender serving underbanked borrowers with structured repayment products.
• Kredit Pintar: Indonesian OJK-licensed P2P lending platform focused on micro-loans to underserved borrowers. Direct competitor to Amartha in the small-ticket, unbanked segment with similar digital onboarding and investor marketplace model.
• Tala: US-headquartered mobile lending fintech serving underbanked consumers and micro-entrepreneurs across Mexico, India, Kenya, and the Philippines. Closely comparable to Amartha in target borrower profile (unbanked), use of alternative credit data, and small-ticket lending model.
• Branch International: US-based mobile lending platform serving underbanked borrowers in Africa and India. Comparable to Amartha in providing instant credit to first-time borrowers using alternative data, with similar digital-first, collateral-free micro-lending economics.
• Kredivo: Indonesia's largest digital credit platform, offering pay-later and cash loan products to consumers. Comparable to Amartha as a leading Indonesian fintech lender with OJK oversight, alternative-data underwriting, and mass-market distribution.

Broad incumbents

• Bank BTPN: Indonesian commercial bank with a dedicated microfinance business unit (BTPN Syariah and BTPN Wow) serving unbanked rural women through group lending models similar to Amartha's Pinjaman Kelompok. Represents the incumbent banking-sector approach to the same market Amartha serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/amarthaid
• Facebookfacebook.com/amarthaid
• LinkedInlinkedin.com/company/amartha

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds12 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amartha