Fintech Lending Platform PinjamWinWin Announces Funding from SOSV MOX

P2p lending fintech startup from Surabaya BorrowWinWin announced the acquisition of funding for an undisclosed amount from multi-stage VC  from the United States SOSV. The fresh funds will be used to increase business capacity as well as deepen market penetration in Indonesia.

"The investment from SOSV will accelerate our growth and help us focus on raising more funds from lenders with a special interest in institutional funds. These funds will be the ammunition used to further dominate market opportunities p2p loans worth $60 billion in Indonesia," said PinjamWinWin Founder and CEO James Susanto in an official statement.

PinjamWinWin is engaged in consumer loans with nominal values ​​ranging from Rp. 500 thousand to Rp. 5 million ($35-$350). Maximum tenor of 30 days with interest starting from 0,79% per day for initial loans. Also, invoice financing with a nominal value of Rp50 million-Rp2 billion ($3500-$150 thousand).

For lenders, this startup promises a return of 12% -48% per year and a minimum investment nominal of IDR 100 thousand. On its website, PinjamWinWin serves the Greater Jakarta, Bandung, Karawang, Semarang, Surabaya, Sidoarjo, Gresik, Mojokerto, and Pasuruan areas.

The startup, which was founded in Surabaya in 2015, is a graduate of the SOSV accelerator program, namely Mobile Only Accelerator (MOX). This program specifically targets startups that are solving problems in developing countries such as Southeast Asia and South Asia.

General Partner of SOSV and Managing Director of MOX William Bao Bean added, "The opportunity for PinjamWinWin, which focuses on short-term loans, is huge. We look forward to supporting James Susanto and the team at PinjamWinWin as they increase financial inclusion in Indonesia and beyond."

Re-registered with OJK

Last year, PinjamWinWin was one of the five companies that registered mark is revoked OJK. Separately, to DailySocial, President Commissioner of LoanWinWin Florence Nathania gave an explanation.

He said that two years ago, it was the management themselves who decided to withdraw the registration mark because they wanted to tidy up the company first and complete the ISO certification. His party also felt helped by OJK's guidance, as a result now has registered status again as of February 2019.

"In essence, we always go along with the direction of the OJK, unlike illegal fintechs that are abusive outside the rules and can pay double the interest on the principal," he said.

The company is now pursuing the requirements to apply for a business license to the OJK. One of them is completing ISO 27001 certification and socialization to 12 cities throughout Indonesia. "Only one more city," he added.

It is claimed that BorrowWinWin has made a profit. Cumulatively, it has disbursed $9 million in loans (approximately 128 billion Rupiah) since its inception. There were 140 thousand loan applications that came in, but 22 thousand loans were received, 62% of which were recurring loans (repeat loans).

The new PinjamWinWin application is available for borrowers (borrowers) in the Android version, but not yet available on Google Play. In the meantime, borrowers will be directed to download the APK manually via the official website.

"If Actioncalendar bisa login from our site. Our current application Update, most likely Friday (20/9) will be back live again [on Google Play]," concluded Florence.