KoinWorks bags $10m additional funding from London-based Lendable

A mother displaying the KoinWorks app on her phone. Photo: KoinWorks' social media page

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.

 

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.