Indonesia’s SME-Focused Neobank KoinWorks Raises US$108 Million Series Cby Fintech News Indonesia January 11, 2022
KoinWorks, an Indonesian neobank focused on small and medium-sized enterprises (SMEs), has secures US$108 million in a Series C funding round which consists of US$43 million in equity and US$65 million in debt capital.
The round was led by MDI Ventures, the corporate venture arm of Telkom Indonesia with participation from previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures.
KoinWorks said in a statement that the funds will be used to scale its solutions and team as the company aims to hire 400 new employees globally.
The company provides SME owners and freelancers a tool to kick off entrepreneurship and scale businesses by offering a wide range of products.
KoinWorks had reportedly doubled its user base to more than 1.5 million users during the pandemic.
Since April of 2021, KoinWorks’ latest digital financial solutions have drawn more than 100,000 SMEs into its waitlist, who are now in the process of being onboarded.
“We understand the dynamics of online financial services and the large space the future of fintech holds in today’s digital landscape.
KoinWorks empowers SMEs who have an appetite for digital financial products with a plethora of products that allow for growth and financial literacy.”
said Willy Arifin, Co-founder of KoinWorks.
“SMEs have been our vision since day one and KoinWorks is here to democratise access to finance, and debunk the myth that it’s only for a specific class of entrepreneurs.
KoinWorks has shown that opening the doors to capital and providing educational tools helps SMEs grow their sales. And if they take full advantage of all KoinWorks’ financial solutions, the growth potential for SMEs could be limitless,”
added Benedicto Haryono, CEO and Co-Founder of KoinWorks.