KoinWorks bags additional $20m investment from Triodos Bank, existing backers

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.