Indonesian peer-to-peer (P2P) lending platform KoinWorks raised USD 16.5 million (IDR 170 billion) in its Series B funding round, co-led by EV Growth and Quona Capital with participation from existing investors.
In an official statement, KoinWorks said it will utilize the investment to expand its team and explore more partnerships. The startup will also continue to develop and improve technology and innovation in order to further support financial inclusion in Indonesia.
In 2018, KoinWorks raised a Series A financing round from investors including Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox, and Quona Capital.
Founded in 2016 by Benedicto Haryono and Willy Arifin, KoinWorks aims to provide access to financial services for SMEs, especially those who’re underbanked. By leveraging machine learning, the platform offers low-interest loans for borrowers while promising better returns for lenders. The platform has various investment types including business financing and invoice financing.
KoinWorks claims to have the largest retail investor base in Indonesia with over 300.000 users.
The company claimed that 60% of investors on KoinWorks are millennials and 70% of them said that KoinWorks is their first investment product.