<article>Indonesia-based fintech startup KoinWorks has raised $108 million in its Series C round led by MDI Ventures, the corporate venture arm of Telkom Indonesia.
The funding comprises $43 million in equity and $65 million in debt capital.</article>

Indonesia-based fintech startup KoinWorks has raised $108 million in its Series C round led by MDI Ventures, the corporate venture arm of Telkom Indonesia.
The funding comprises $43 million in equity and $65 million in debt capital.
Previous investors including Quona Capital, Triodos Bank, Saison Capital, AC Ventures and East Ventures have joined the round.
KoinWorks will use the proceeds to scale up its solutions and team as the company plans to hire 400 new employees globally.
&#8220;KoinWorks empowers SMEs who have an appetite for digital financial products with a plethora of products that allow for growth and financial literacy,&#8221; KoinWorks co-founder Willy Arifin said.
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KoinWorks provides small to medium size businesses with a wide range of products from SME Neobank: NEO account and card, to credit and productivity tools, according to the company.
Founded in 2016 as a peer-to-peer lending company, KoinWorks platform today offers users a marketplace of integrated applications such as accounting software, POS, e-commerce, budgeting app alongside staple products such as working capital, invoice factoring, early wage access and treasury management.
“Investing in KoinWorks is investing in the financial literacy of underbanked and underserved communities,” MDI Ventures CEO Donald Wiharja said.
Following the pandemic, KoinWorks has seen a surge in demand for its offerings with its user base doubling to over 1.2 million. Since April 2021, KoinWorks’ latest digital financial solutions have drawn more than 100,000 SMEs into its waitlist, who are now in the process of being onboarded, claims the company.
KoinWorks raised its Series A round at $16.5 million in 2018 backed by Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu and Quona Capital. It <a href="https://www.dealstreetasia.com/stories/koinworks-super-app-218366/">secured $20 million in its Series B round</a> in 2020 in a round that saw participation from EV Growth and Saison Capital. It also bagged an additional $10 million from London-based lending platform startup Lendable.
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KoinWorks raises $108m in Series C round led by MDI Ventures

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