<article>Venture capital firm <a href="https://www.dealstreetasia.com/tag/Quona-Capital/">Quona Capital</a> has invested in Indonesian peer-to-peer lending platform <a class="" href="https://www.dealstreetasia.com/tag/KoinWorks/">KoinWorks</a> through its $141-million Accion Frontier Inclusion Fund, according to an official release.
The deal marks Quona Capital&#8217;s first investment in Indonesia. The financial terms of the transaction were not disclosed.</article>

Venture capital firm <a href="https://www.dealstreetasia.com/tag/Quona-Capital/">Quona Capital</a> has invested in Indonesian peer-to-peer lending platform <a class="" href="https://www.dealstreetasia.com/tag/KoinWorks/">KoinWorks</a> through its $141-million Accion Frontier Inclusion Fund, according to an official release.
The deal marks Quona Capital&#8217;s first investment in Indonesia. The financial terms of the transaction were not disclosed.
KoinWorks connects borrowers to lenders on its online platform to provide an underserved market segment with access to credit. It claims to have more than 100,000 lenders on its platform, more than any other digital P2P lender in Indonesia. The company says it has disbursed nearly Rp1,000,000,000,000 ($70 million) in loans while keeping its non-performing loans below 0.5 per cent.
KoinWorks last raised an S$22.5-million ($16.5 million) Series A funding round led by Mandiri Capital Indonesia, the venture capital arm of Bank Mandiri in August 2018.
“Indonesia is one of the most rapidly growing fintech and financial inclusion markets. We are committed to the country and have been evaluating opportunities here for several years. We have been patiently searching for a responsible lender with a unique growth story committed to empowering SMEs. We are excited to have found KoinWorks,” said Quona Capital co-founder and partner Ganesh Rengaswamy.
The Accion Frontier Inclusion Fund is anchored and sponsored by non-profit Accion International and managed by Quona Capital.
In October last year, the venture capital firm and US non-profit Accion International hit the first close of their joint VC fund at $87.75 million. The first close came 18 months after Accion and Quona raised $141 million for Accion Frontier Inclusion Fund, which focuses on companies that provide financial services such as alternative credit, payments, insurance, and small and medium enterprise finance.
Accion Frontier Inclusion Fund received a $15-million commitment from the International Finance Corporation (IFC), a member of the World Bank Group. The fund invests in startups that target emerging markets in sub-Saharan Africa, Latin America, and Asia.
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Quona Capital backs P2P lender KoinWorks in first Indonesia investment

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Quona Capital backs P2P lender KoinWorks in first Indonesia investment

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