Indonesian P2P lender KoinWorks closes $12m Series B funding round

Indonesian peer-to-peer lending platform KoinWorks has raised 170 billion rupiah ($12.01 million) in an oversubscribed Series B round co-led by EV Growth Fund and Quona Capital.

The financing was joined by the company’s existing investors, it said in a statement.

Established in 2016 by co-founders Benedicto Haryono and Willy Arifin, KoinWorks’ online platform connects borrowers and lenders to provide financing for SMEs, who have largely remained underserved by traditional financial institutions. In addition to business financing and invoice financing, the startup provides borrowers with access to low-interest loans.

“When we started KoinWorks, we set out to democratize finance in Indonesia while fostering financial inclusion,” said co-founder and executive chairman Willy Arifin.

KoinWorks will use the latest capital infusion to expand its team and partnerships, and to further develop systems and technology.

“The gap between access and convenience in providing investment products and loans makes KoinWorks a very unique fintech in Indonesia,” said EV Growth partner Willson Cuaca.

EV Growth is a $200-million joint fund between East Ventures, Sinar Mas Digital Ventures (SMDV) and Yahoo! Japan. The VC firm seeks to invest in growth-stage startups in Southeast Asia, primarily focusing on Indonesia. Startups it has backed so far include Sociolla, IDN Media, Moka, Warung Pintar and Ruangguru.

“We’ve been impressed by the company’s rapid growth. KoinWorks shares Quona’s mission of financial inclusion, and has had a dramatic impact on businesses in Indonesia as a result of their commitment to responsible lending,” said Ganesh Rengaswamy, co-founder and partner at Quona Capital.

VC firm Quona Capital is focused on fintech for inclusion in emerging markets and has a strategic relationship with global non-profit Accion. To date, it has supported more than 25 fintech companies in Latin America, South and Southeast Asia, and Sub-Saharan Africa.

KoinWorks had previously raised a $16.5-million Series A round in 2018 from Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu and Quona Capital.

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.