Jakarta-based fintech peer-to-peer (P2P) lending platform KoinWorks has raised SGD 2 million (USD 1.4 million) in its Series B round of funding from Credit Saison.
The company said the fresh investment brings KoinWorks’ total Series B and Series B2 round to SGD 18.5 million (USD 13.6 million), following its previous Series B round of SGD 16.5 million (USD 12.1 million) in June, co-led by EV Growth and Quona Capital.
KoinWorks will utilize the fresh funds to further develop its financial products to support digital small and medium enterprises (SMEs), especially those with business e-commerce platforms.
Saison Capital is the venture capital arm of Japanese financial institution Credit Saison. It was recently launched in October with USD 55 million funds for early-stage startups from Southeast Asia and India.
In a recent interview with KrASIA, KoinWorks’ co-founder and CEO Benedicto Haryono said that the firm currently has more than 200,000 retail lenders and over 100,000 retail borrowers registered on the platform.
In addition to its core service of business financing, KoinWorks also offers education financing, which currently accounts for 10% of the startup’s portfolio. The company recently launched a ten-year student loan program, called Dekade, to support young Indonesians in their pursuit of tertiary education with a light payment plan. KoinWorks’ ten-year repayment schedule is the longest among fintech lenders.