KoinWorks secures US$10M from Lendable to help Indonesian SMEs raise funds online
KoinWorks, an online P2P financing platform for small and medium enterprises (SMEs) in Indonesia, has added Lendable to its cap table after the emerging market debt provider and investor injected US$10 million into it.
This round comes just over a month after KoinWorks raised US$20 million in debt and equity investment from Quona Capital.
“As a company that focuses on productive sector funding, KoinWorks will aim to strengthen digital SMEs in Indonesia, with the support of thousands of retail lenders and other financial institutions that have been working together with KoinWorks to boost the growth of digital SMEs, particularly during this pandemic,” said Co-founder Benedicto Haryono.
KoinWorks provides a Machine Learning-based platform to connect lenders and borrowers. On the platform, both parties can fulfil their needs of either gaining maximum returns every month or getting an affordable online loan.
The firm claims that it currently has 400,000 users in its platform, with almost 220,000 lenders.
KoinWorks has previously raised US$1.4 million in Series B2 round from Japanese financial services company Saison Capital.
The lending platform has initiated several programmes to support digital SMEs in Indonesia. They include #LokalSupportLokal, a microsite which involves public, brands and media to donate their social media pages to promote products offered by SMEs.
In partnership with East Ventures, KoinWorks also recently completed a donation programme, called KoinDonasi, for test kits and genetic research upon COVID-19 vaccines.
Previously, the company offered educational loans, with plans to launch eight new services in 2020, including gold saving, according to Jakarta Globe.