KoinWorks Pockets IDR 170 Billion Series B Funding

After previously getting series A pendanaan funding Rp230 billion led by Mandiri Capital Indonesia (MCI) and further funding for series stage A+ from Quona Capital for an undisclosed amount, platform peer-to-peer lending This year, Koinworks secured S$16,5 million (approximately IDR 170 billion) Series B funding led by EV Growth and Quona Capital with other investors.

This funding will be used by KoinWorks to strengthen teams and partnerships and develop systems and technology to provide financial services throughout Indonesia on one platform.

KoinWorks, which claims to have more than 60% of lenders on the platform, are millennials, and 70% of them say that KoinWorks is their first investment instrument. disbursing loans of IDR 150 billion every month. Most of these loans were channeled to fashion, electronics, accessories, and cosmetic businesses.

"Over the past three years, we have distributed productive loans to hundreds of thousands of SMEs in Indonesia. This very significant growth is also supported by the increasing public awareness of the importance of investing early on," said KoinWorks Co-founder and CEO Benedicto Haryono.

Focus on helping SMEs

Founded in 2016 by Benedicto Haryono and Willy Arifin, Koinworks brings together borrowers and lenders online through a single platform by providing access to financial services to SMEs who have limited access to banking (unbanked or underbanked).

Utilise machine learning, KoinWorks allows borrowers to access loans with low interest rates, while at the same time lenders also receive a return with favorable interest rates. The products offered include business development loans through KoinBisnis and education through KoinPintar.

"The gap between access and convenience in investment and loan products makes KoinWorks a very unique fintech [service] in Indonesia," said Willson Cuaca, Partner EV Growth, which is the result of a collaboration between East Ventures, Sinar Mas Digital Ventures (SMDV), and Yahoo Japan (YJ) Capital Inc.

Currently, KoinWorks is still targeting the SME market segment, including online sellers who use social media as their promotional media.

"KoinWorks together with Quona are realizing the mission of financial inclusion that has a positive impact on the development of SME businesses in Indonesia as a result of the commitment of responsible finance companies," said Ganesh Rengaswamy, Co-Founder and Partner of Quona Capital.