Indonesian P2P lender KoinWorks raises $16.5m Series A led by Mandiri Capital

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

KoinWorks, an Indonesian peer-to-peer lending platform, has raised an S$22.5 million ($16.5 million) Series A led by Mandiri Capital Indonesia, the venture capital arm of Bank Mandiri, according to an announcement.

Indonesian conglomerate Gunung Sewu and Convergence Ventures also participated in the round.

The financing raised will be used to invest in more innovative technologies for KoinWorks which has approximately 50,000 lenders.

“We will go heavy on technology and further improve our user experiences. With more and more people in Indonesia having smartphones and with the combination of an accessible investment as low as Rp100,000 (US$8) in KoinWorks platform, these will change people behavior,” said KoinWorks co-founder and chairman Willy Arifin.

KoinWorks claims to hold a large market share in the retail P2P investment space as the country faces challenges in having broader access to bank credits.

Almost half of the country with a population of 260 million is accustomed to buying essentials online. Indonesia’s online retail industry, which has annual transactions worth about $7 billion now, is projected to reach $15 billion in 2022.

“Alongside with our experienced supervision and KoinWorks innovative solutions, we have high hope for KoinWorks to continue being the leader in providing financial solutions for online SMEs,” said Eddi Danusaputro, the CEO of Mandiri Capital Indonesia.

KoinWorks offers loans relating to business, education, health and recently has launched an employee loan option in partnership with payroll management firm Gadjian. It also offers loan options for those pursuing Bachelor’s and Master’s and doctorate degrees.

Other startups in the P2P lending space in Indonesia include Sequoia Capital-backed ModalKu and Tunaikita, a joint venture of Wecash Southeast Asia.

Outside KoinWorks, Mandiri Capital Indonesia has also made investments in other P2P platforms like Amartha and Investree.

Also Read:

Indonesian P2P lender Investree raises Series B round led by SBI Holdings

Mandiri Capital-backed Cashlez in talks to raise fresh $5m funding round

Eight Indonesian fintech startups officially registered under OJK

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.