KoinWorks Bags 190 Billion Rupiah Funding from Credit Saison
It marks the Credit Saison's CVC debut for startups in India and Southeast Asia
Marsya Nabila - 4 November 2019
The p2p lending, KoinWorks, announces Series B and Series B2 funding worth of SG$18.5 million (around 190 billion Rupiah) from Credit Saison through its new CVC named Saison Capital.
KoinWorks' CEO and Co-Founder, Benedicto Haryono said in the official release that the fresh money is to be focused on the financial product development to help digital SMEs or social commerce to access funds for the business requirements.
"65% of Indonesian GDP comes from SMEs and 92% SMEs are using social media to run their business. [..] Ironically, there are few social commerce still having difficulty to access funds for business development due to the incomplete document [..]," he said.
KoinWorks' Executive Chairman and Co-Founder, Willy Arifin added, the company has made a commitment to focus on Indonesian government by providing easy financial access to the digital SMEs as the growing ecosystem and the biggest contributor to Indonesian GDP.
In fact, the Series B funding has started since June 2019. The company already secured $16.5 million (around 170 billion Rupiah) led by EV Growth and Quona Capital. Previously in Series A, Quona Capital had first contributed in Series A+ with undisclosed value. KoinWorks has MCI to start the Series A round at Rp230 billion.
Saison Capital Debut in Indonesia
Saison Capital is a special CVC created by Credit Saison to run the international investment. They've prepared up to $55 million (around 770 billion Rupiah) to invest in fintech startups in India and Southeast Asia focused on the unbanked and underbanked.
KoinWorks is the first portfolio from Indonesia in this fund.
Saison Capital is to invest in six to eight startups every year with ticket size for Series A around $1 million (over 14 billion Rupiah).
All the portfolios will be part of Credit Saison ecosystem and to have access to all partners of technology and financial players.
Some of Credit Saison's portfolios in Indonesia, such as Grab and ShopBack. They're also the Limited Partners for CyberAgent Ventures, East Ventures, Strive (rebrand from Gree Ventures), and Beenext.
–Original article is in Indonesian, translated by Kristin Siagian