KoinWorks, one of Indonesia’s key players in the peer-to-peer (P2P) lending space, OJK, today announced its Series B fundraise of S$16.5 million (IDR 170 billion). Prior to this funding round, Koinworks was seated firmly among the 10 top funded fintech startups in Indonesia.
The oversubscribed round was co-led by EV Growth and Quona Capital, with participation from existing investors. The new funding will be used to expand the KoinWorks team and partnerships, and further develop systems and technology to provide financial inclusion throughout Indonesia with its popular one platform.
KoinWorks was established in 2016 by co-founders Benedicto Haryono and Willy Arifin. The company brings together borrowers and lenders online through a single platform that provides access to financial services for SMEs.
Claiming to leverage machine learning, KoinWorks enables borrowers to access low interest loans while funders receive better returns. Available products include business financing and invoice financing.
“When we started KoinWorks, we set out to democratize finance in Indonesia while fostering financial inclusion,” said KoinWorks’ co-founder and Executive Chairman Willy Arifin.
“In just a few short years we’ve grown to have the largest retail investor base in Indonesia, with more than 300,000 users. The round was oversubscribed, which means that the money raised only represents the amount of liquidity that existing shareholders were willing to make available, and does not reflect the true appetite of investors in KoinWorks.”
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.
KoinWorks had previously raised a Series A in 2018 from investors Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital.
Featured image credit: Benedicto Haryono, Chief Executive Officer & Co-Founder of KoinWorks
