Jakarta-based P2P lending firm KoinWorks has raised an additional $10 million (Rp 149 Billion) from London-based lending platform startup Lendable, the company announced on Monday.
In April, it secured $20 million from Triodos Bank, Quona Capital, EV Growth, and Saison Capital.
KoinWorks, that is focused on lending to SMEs, plans to allocate the additional capital to underwrite loans through its platform.
“KoinWorks will use this funding to strengthen digital SMEs in Indonesia, with the support of thousands of retail lenders and other financial institutions that have been working together with KoinWorks to boost the growth of digital SMEs, particularly during this pandemic,” said Benedicto Haryono, CEO & Co-Founder at KoinWorks.
Established in 2015, Lendable is backed by Goldman Sachs and provides financing to fintech firms in Africa and Asia including off-grid energy companies, MSME lenders, consumer lenders, and asset finance companies.
“Closing our first transaction in Asia is an important milestone for Lendable and we are excited to do it with Koinworks. In the current turbulent times, we continue to support the unbanked and underbanked segments by providing debt to fintechs that deliver crucial services. We are excited to partner with a fantastic team and support such a necessary product,” Lendable CEO Daniel Goldfarb said.
The firm secured $13.6 million as part of the first close of its Series B round in November last year. The funding was raised from existing investors Quona Capital, EV Growth, and Saison Capital with the participation of some other undisclosed investors.
In June 2019, the company had raised $12.01 million funding in a Series B1 round led by Quona Capital and EV Growth.
A host of P2P firms in the archipelago have recently made headlines for raising capital. These include prominent names like Investree and Alami, among others.