JAKARTA (TheInsiderStories) – KoinWorks raised debt and equity funding worth of US$20 million from investors such as Quona Capital, EV Growth, Saison Capital, One of the new credit facilities is provided by an international institution, a global lender from Netherlands Triodos Bank, and other investors.
“We are pleased to have a leading international institution joining our ranks of investors while continuing to move forward,” said the executive chairman & co-founder, Willy Arifin said in official statement released today (04/13).
He continued, the funding will be used to finance loans through the financial technology (FinTech) lending platform. While, Benedicto Haryono, CEO & co-founder confident that KoinWorks can help Indonesia in the midst of economic change due to COVID-19.
Last year, the provider obtained Series B and Series B2 funding worth of S$18.5 million (US$13.03 million) from Japan venture capital, Saison Capital. The company become the first portfolio of unit Credit Saison in Indonesia.
Co-founder and CEO of KoinWorks, Benedicto Haryono explained, the funding would be used to provide financial services for unbanked and underbanked businesses, especially MSME businesses. In addition, the company will also encourage the development of financial products for social commerce.
Earlier, the Peer to Peer (P2P) company has raised Series B funds worth of $16.5million from EV Growth, Quona Capital, with participation from existing investors. In 2018, the firm had raised a Series A from investors PT Mandiri Capital Indonesia, Convergence Ventures, PT Gunung Sewu, Beeblebrox and also Quona Capital.
KoinWorks, founded in 2016 by Haryono and Arifin. The company brings together borrowers and lenders online through a single platform that provides access to financial services for small and medium enterprises who have historically been un- or underbanked by traditional financial institutions.
“When we started KoinWorks, we set out to democratize finance in Indonesia while fostering financial inclusion. In just a few short years we’ve grown to have the largest retail investor base in Indonesia, with more than 300,000 users,” said the co-founder.
Today more than 60 percent of investor-funders in KoinWorks’ platform are millennials, and 70 percent of investors say KoinWorks is their first investment product.
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