KoinWorks raises $108m in Series C round led by MDI Ventures

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.

“KoinWorks empowers SMEs who have an appetite for digital financial products with a plethora of products that allow for growth and financial literacy,” KoinWorks co-founder Willy Arifin said.

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 secured $20 million in its Series B round 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.

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.