Amartha in talks to buy Indonesian bank

Monday 28 March 2022 14:31 CET | News

Indonesian peer-to-peer lender Amartha is in talks to acquire 70% of local bank PT Bank Victoria Syariah.

The fintech is in the process of raising a pre-initial public offering (IPO) funding round. Amartha remains focused on growing their services in Indonesia to help serve the unbanked women to empower them with capital to start their business and pursue their dreams, as the company states. 

In September 2021 new investors were interested in Bank Victoria’s divestment of Bank Victoria Syariah and were in the process of due diligence. Local media reports have indicated the divestment was related to Bank Victoria’s need to boost its capital to meet new minimum requirements taking effect this year. 

Bank Victoria Syariah had total assets of USD 101 million, as of end-February 2022, according to the bank's website. Amartha has raised USD 63.5 million in funding across six rounds. Norway’s sovereign wealth fund Norfund, Mandiri Capital Indonesia, MDI Ventures, Women’s World Banking, UOB Venture, Lendable, LINE Ventures and Bamboo Capital Partners have invested in the fintech.

More: Link

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Keywords: acquisition, IPO, unbanked, funding
Categories: Banking & Fintech
Countries: Indonesia
This article is part of category

Banking & Fintech

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