Indonesian P2P lender KoinWorks raises funding from Saison Capital

Indonesia-based peer-to-peer (P2P) lender KoinWorks has bagged additional funding from venture capital firm Saison Capital to take the total corpus raised in Series B round to $13.6 million, according to an announcement.

In June, the company had secured $12.01 million funding in a Series B1 round led by Quona Capital and EV Growth.

The company did not specify if Saison Capital, the corporate venture arm of Japanese financial services firm Credit Saison, is the only investor in its Series B2 round.

Last week, Saison Capital had said in a statement that it has begun earmarking capital [for investment in startups]. Going forward, it plans to invest in 6-8 companies each year, wherein it’s looking to dole out cheques sizes of over $1 million.

According to data available with Cooperative Ministry, around 65 per cent of the Gross Domestic Product in Indonesia is contributed by SMEs and 92 per cent of these SMEs have been utilizing social networks to run their businesses.

“Ironically, many social commerce SMEs have obstacles in receiving a loan to grow their business due to limited documents, collateral and other business requirements needed by conventional financial institutions,” said Benedicto Haryono CEO & co-founder at KoinWorks in a statement.

The corpus raised will help KoinWorks develop better financial products in supporting digital SMEs, especially those in social commerce to access loans for their business development.

P2P lending firms in Indonesia are increasingly evincing investor interest. Firms that have recently secured funding in the sector include JULO, Akseleran and UangTeman, 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.