KoinWorks, the Indonesian peer-to-peer fintech lending platform for SMEs, announced on Monday that it raised an additional USD 10 million from emerging market debt provider Lendable.
“We are pleased to have such a highly respected partner in Lendable join the Koinworks stable. Their funding proves that even during COVID-19, there is still capital available for best-in-class fintech lenders,” said Mark Bruny, chief financial officer at KoinWorks.
KoinWorks uses a data-driven approach to verify loan quality, together with the established credit scoring process. It has recently made adjustments to this system to allow for the special COVID-19 conditions.
Benedicto Haryono, CEO and co-founder of KoinWorks, said that the additional funding is aimed at strengthening digital SMEs in Indonesia, with the support of thousands of retail lenders and other financial institutions that have been working together with KoinWorks.
In April, KoinWorks raised USD 20 million in fresh debt and additional capital from various institutions. As for the equity capital, the company completed the first close of a convertible note from several VC firms, including existing investors Quona Capital, EV Growth, and Saison Capital. KoinWorks also secured credit facilities from Netherlands-based Triodos Bank.