KoinWorks raises US$16mil in Series A funding
By Digital News Asia August 23, 2018
- Indonesia-based fintech will use funds to develop more innovative technologies
- Aims to offer financial services to more and more SMEs in the online retail space
KOINWORKS, an Indonesian fintech P2P lender closed its Series A funding round at US$15.77 million (Rp230 billion), led by Mandiri Capital Indonesia (The Venture Capital arm of Bank Mandiri). Gunung Sewu and Convergence Venture also participated in this round.
The new funds will be utilised to enhance growth by investing in developing more innovative technologies.
“From the beginning, we have believed that technology is the key differentiator. We will go heavy on technology and further improve our user experiences. With more and more people in Indonesia having smartphones, combined with an investment of as low as US$8 (Rp100,000) in the KoinWorks platform, behaviour will change. KoinWorks will change how people invest digitally,” said KoinWorks co-founder & chairman Willy Arifin.
KoinWorks holds a lion’s share in the Indonesian retail P2P investment space. Every investor on the KoinWorks platform has access to curated financial products with various risks levels, tenors and interest rate returns.
“Our synergy with KoinWorks is aimed at offering beneficial and safe financial services to Indonesia’s future economic drivers, the online SMEs. With more than US$7 billion in transactions annually, the online SME market will continue to grow. By adding our experienced supervision to KoinWorks’ innovative solutions, we believe KoinWorks will continue being the leader in providing financial solutions for online SMEs,” said Mandiri Capital Indonesia CEO Eddi Danusaputro.
“In the new digital world, online SMEs will continue to demand innovative financial solutions. KoinWorks has always been a true innovator in providing technology-based financial services not only in the online SME space but also in the student loan market,” said KoinWorks co-founder and CEO Benedicto Haryono.