Jakarta-based SME-focused lending startup KoinWorks on Monday announced that it has secured an additional $20 million from Triodos Bank, Quona Capital, EV Growth, and Saison Capital, the company said in a statement.
The additional capital comprises fresh debt from Dutch Triodos Bank which will be allocated to underwrite loans via its platform and also equity from its existing backers, Quona Capital, EV Growth, and Saison Capital.
The firm did not disclose the breakdown figure on the additional investment.
In November last year, KoinWorks secured $13.6 million as part of the first close of its Series B round from existing investors Quona Capital, EV Growth, and Saison Capital, along with some other undisclosed investors.
“We are proud to announce this newly-secured funding from a number of sources, especially in this challenging business environment. We continue to stand together with many giant financial institutions and hundreds of thousands of retail lenders to support digital SMEs during COVID-19,” KoinWorks co-founder and executive chairman Willy Arifin.
During the pandemic, KoinWorks is applying more processes using digital data combined with traditional banking techniques. The firm has also participated in the East Ventures-initiated programme to tackle COVID-19.
In June last year, the company had secured $12.01 million funding in a Series B1 round led by Quona Capital and EV Growth.
Aside from KoinWorks, other P2P firms in Indonesia that have recently secured funding in the sector also include Investree, and Alami, among others.
