KoinWorks Receives 190 Billion Rupiah Funding from Credit Saison

P2p lending player KoinWorks announced the acquisition of additional Series B and Series B2 funding worth SG$18,5 million (equivalent to 190 billion Rupiah) from Credit Saison through a special CVC called Saison Capital.

In an official statement, KoinWorks CEO and Co-Founder Benedicto Haryono said the latest funding will be focused on developing financial products to help digital and social commerce SMEs in accessing financing for their business development needs.

"As much as 65% of Indonesia's GDP is contributed by SME players and 92% of SMEs in Indonesia have used social networks in running their business. [..] Ironically, there are still many social commerce players who are constrained when getting access to finance for business development due to lack of complete documents [.. ..]," he explained.

KoinWorks Executive Chairman and Co-Founder Willy Arifin added, the company is committed to supporting the focus of the Indonesian government by providing easy financial services to digital SMEs that continue to grow and become the largest GDP contributor in Indonesia.

Actually, round Series B funding started in June 2019. The company raised $16,5 million (approximately 170 billion Rupiah) led by EV Growth and Quona Capital. Previously in the Series A round, Quona Capital has participated in Series A+ funding with an undisclosed amount. MCI initiated a Series A funding round at KoinWorks worth IDR230 billion.

Saison Capital's debut in Indonesia

Saison Capital is a special CVC that Credit Saison has built for its international funding. The allocation of funds prepared reaches $55 million (approximately 770 billion Rupiah) for investment in fintech startups in Southeast Asia and India that focus on customers unbanked and underbanked.

KoinWorks is the first portfolio from Indonesia for fund this.

Saison Capital will invest between six and eight startups annually with ticket sizes Series A funding is a maximum of $1 million (more than 14 billion Rupiah).

His entire portfolio will become part of the Credit Saison ecosystem and will have access to partners across all financial and technology players.

Some of the Credit Saison portfolios that are already operating in Indonesia are Grab and ShopBack. They are also LPs at CyberAgent Ventures, East Ventures, Strive (rebrand from Gree Ventures), and Beenext.