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KoinWorks secures $10 mn funding to help SMEs raise funds online

KoinWorks funding
The funding round for KoinWorks was led by Lendable

Indonesia-based fintech startup KoinWorks has secured around $10 million in a fresh funding round to help small and medium-sized enterprises (SMEs) in the region raise funds online, the media reported.

KoinWorks is an online P2P financing platform for small and medium enterprises (SMEs) in Indonesia.

The funding round for KoinWorks was led by a UK-based lending platform called Lendable.

With regard to the new funding, KoinWorks co-founder Benedicto Haryono told the media, “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.”

KoinWork’s platform helps borrowers connect to suitable lenders who can fulfil their needs.

Since its inception, the startup has raised various programmes to support SMEs in the region. It launched a microsite that involved public, brands, and media to donate their social media pages to promote products offered by SMEs.

Most recently, the startup completed a donation programme, called KoinDonasi, for test kits and genetic research upon a vaccine for the novel coronavirus.

Last month, KoinWorks secured around $20 million in a funding round from Quona Capital. Other existing investors such as Triodos Bank, EV Growth, and Saison Capital also participated in the last month’s funding round.

According to KoinWorks, it currently has 400,000 users in its platform, with almost 220,000 lenders.

The company is growing, and closing a round in ‘corona times’ says a lot. We feel confident that we can support Indonesia as it makes its way through the COVID-changed economy. We strive to provide the best financial service for all our users, ” Benedicto Haryono added.

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