Benedicto Haryono, co-founder and chief executive of KoinWorks, said the company has disbursed productive loans to hundreds of thousands of small and medium businesses in Indonesia over the past three years. (B1 Photo/Herman)
KoinWorks Secures $16.5m in Series B Funding
BY :FERIAWAN HIDAYAT
JUNE 28, 2019
Jakarta. KoinWorks, one of Indonesia's largest peer-to-peer lending platforms, has secured $16.5 million in Series B funding from a group of investors led by venture capital firms EV Growth and Quona Capital.
Willy Arifin, co-founder and the executive chairman of KoinWorks, said the company will use the proceeds to strengthen its team, expand partnerships and develop a system and the technology to provide financial services to the whole of Indonesia through one financial platform.
"When we started KoinWorks, we tried to democratize financial services in Indonesia and encouraged financial inclusion as a whole," Willy said in a statement on Thursday.
KoinWorks currently has more than 300,000 users.
Benedicto Haryono, co-founder and chief executive of KoinWorks, said the company has disbursed productive loans to hundreds of thousands of small and medium businesses in Indonesia over the past three years. This significant growth is supported by rising awareness in society of the importance of investment.
"More than 60 percent of the funders on the KoinWorks platform are millennials and 70 percent of them said KoinWorks was their first investment instrument," Benedicto said.
KoinWorks received Series A funding from Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital in 2018.
"Honestly, the number of investors in the B series was more than what we predicted. However, we will choose investors with a similar vision and mission as ours to develop KoinWorks in the future," Willy said.