Micro MSME Fintech ARTH raises $2.5 mn from KfW arm, MIT alumni, and others
Total funding including from promoters rises to $3.5 million; funds to be used to expand services, enhance tech capabilities
Micro MSME Fintech ARTH has secured $2.5 million in funding led by DEG – Deutsche Entwicklungs- und Investitionsgesellschaft / subsidiary of KfW, MIT Alumni, and top-notch impact-driven US & Canadian angel investors.
This takes the total funding raised by ARTH to $3.5 Million with the initial personal investment made by the founder, friends & family. The fresh round of funding will be used to expand the suite of financial services being offered to ultimately be a single point platform for Micro MSMEs. The funds will also be used for strengthening the technical capabilities and building robust risk management systems to meet the scale requirements.
Started by solo women founder Shweta Aprameya in 2018, ARTH is a regulated MSME Fintech targeting a multi-billion-dollar credit gap, in India’s micro and nano businesses. ARTH’s primary focus is to increase access to affordable formal financial services for these businesses to create a transformational impact on their lives with a focus on gender financing.
Fintech has already facilitated 3,50,000 credit & insurance across India; many of whom are new to formal credit.
“ARTH is on a mission to engage, support, and service millions of capital-starved underserved entrepreneurs through a well-balanced data-driven why digital distribution model that works for the segment. At ARTH, we are trying to bring this refreshing change in financial services approach to being a proactive financing partner to the Micro MSME.” Said Shweta Aprameya, Founder of ARTH.
The company plans to scale to 1 million nano & micro business owners through its phydigital model offering both credit & payments services with the aim to become a dominant revenue-generating start-up for the MSME segment in India
Attribution-Business Standard
