Indonesian P2P Lending Firm PinjamWinWin Secures Funding from SOSV MOXby Fintechnews Singapore September 16, 2019
PinjamWinWin, a Peer-to-Peer (P2P) lending fintech company, today announces that it has raised funding from SOSV.
The P2P lending firms claims to have successfully disbursed over US$9 million in loans, PinjamWinWin aims to continue providing the 185 million unbanked Indonesians with fast and easy loans, backed by insurance.
The investment from SOSV will enable the company to scale its operations and work towards greater financial inclusion in Indonesia.
Founded in 2015, PinjamWinWin claims that it is already profitable. With less than a day processing time, no collateral and great interest rates, the platform has been able to quickly deliver short-term loans for small and medium-sized businesses.
PinjamWinWin finances personal loans of US$35-350 and invoice financing of US$3500-150.000. Through the platform, users also have the option of placing their funds and becoming lenders to enjoy a fixed annual interest of 12-48%.
“The investment from SOSV will accelerate our growth and help us focus on gathering more lender funds with special interest in institutional funds. These funds would be the ammunition used to further dominate the US$60 billion P2P lending market opportunity in Indonesia,”
shares James Susanto, founder and CEO of PinjamWinWin.
Recently, PinjamWinWin signed an insurance deal with a prominent insurance company in Indonesia, making any funds placed guaranteed and secure.
“Indonesia is still lacking a credit rating infrastructure. Farmers couldn’t get enough financing and middlemen would buy for low and sell for high. I witnessed all this firsthand and wanted to find a solution,”
The fintech lending industry in Indonesia is highly regulated, with the government body actively blocking illegal fintech companies and holding a high barrier of entry to foreign funds, allowing only registered companies such as PinjamWinWin to operate.
PinjamWinWin recently graduated from SOSV’s Mobile Only Accelerator (MOX), an accelerator program that focuses on emerging markets such as Southeast Asia and South Asia. William Bao Bean, General Partner at SOSV and Managing Director at MOX, is optimistic about the future of this fintech company:
“The opportunity for PinjamWinWin, who focuses on short-term loans, is massive. We look forward to supporting James Susanto and the team at PinjamWinWin as they improve financial inclusion in Indonesia and beyond.”