CO-Founder & Chairman of KoinWorks Willy Arifin said on Monday (13/8) in a press release that Gunung Sewu and Convergence Venture also participated in these round. KoinWorks will utilize this funding round to enhance its growth by investing further into developing more innovative technologies.
“With more and more people in Indonesia having smartphones and with the combination of an accessible investment as low as Rp100,000 (US$8) in KoinWorks platform, these will change people behavior. Similar with how people first begin to embrace online shopping, KoinWorks will change how people invest digitally.” he added.
Arifin claimed KoinWorks controlled the majority of Indonesia’s market share in the retail P2P investment space. Every investor in KoinWorks platform has the exclusive access towards curated financial products that display various risks level, tenor, and interest rate return. All of which, are made to enable investment based on data-driven analysis.
Furthermore, CEO of Mandiri Capital Indonesia Eddi Danusaputro said the company gives funding round to KoinWorks with aims to produce beneficial and safe financial services for Indonesia future economy that is the online small and medium enterprises (SMEs).
He added that with more than $7 billion worth of transaction annually, the online SMEs market will continue to grow.
“Alongside with our experienced supervision and KoinWorks innovative solutions, we have high hope for KoinWorks to continue being the leader in providing financial solutions for online SMEs.” he said.
In 2017, 45% of Indonesian populations have grown accustomed to purchase essentials through online, and by 2022 the online retail industry is projected to reach more than $15 Billion worth of transaction annually. These data suggest an inevitable growth of the overall industry. It also provides relevant correlation upon P2P Lending growth, because 85% of borrowers in Indonesia’s P2P Lending space is online SMEs.
Meanwhile, Co-Founder and CEO of KoinWorks Benedicto Haryono said online SMEs will continue to demand innovative financial solutions in the new digital world. “KoinWorks has always been the true innovator on providing technology-based financial services not only in the online SMEs space but also in student loan market,” he added.