Lendable Joins as KoinWorks "Institutional Lender", Provides 149 Billion Rupiah Funding

KoinWorks again announces funding in the form of loans (debt funds) worth $10 million (equivalent to 149 billion Rupiah) from lending institutions for developing countries from the UK, reliable. This announcement also adds Lendable to the list institutional lenders who put their funds into the KoinWorks platform.

KoinWorks Co-Founder & CEO Benedicto Haryono said this funding will be used to strengthen businesses run by Indonesian digital SMEs.

"Of course, also through the support of thousands of retail lenders and other financial institutions who have been together to encourage the growth of the digital SME business, especially during the pandemic," he said quoting an official statement, Monday (18/5).

Thanks to this additional capital, KoinWorks CFO Mark Bruny said he was confident because he had succeeded in proving that, even though the world was hit by Covid-19, the company's capital was still strong.

Lendable CEO Daniel Goldfarb said this funding is his debut in Asia, KoinWorks is his first portfolio. “In today's turbulent times, Lendable continues to support this segment of society unbanked and underbanked by providing funding through companies fintech who provide a valuable service to them.”

In its work, Lendable was founded in 2015, providing commercial financing to companies fintech in Africa and Asia, including energy companies off-grid, SME lenders, consumer loans, and corporate asset financing. It claims they have funded more than $50 million for fintechs that drive financial inclusion.

Prior to Lendable, KoinWorks recently received funding in two schemes, namely loans and equity with a total value of $20 million (316 billion Rupiah). For lenders, they come from two financial institutions from Europe, one of which is Triodos Bank, a global bank from the Netherlands.

In interview with DailySocial Previously, KoinWorks confirmed that they would add to the lineup institutional lenders from abroad at the end of last year. Previously, there were only local financial institutions, including Sampoerna and Bank CIMB Niaga.