KoinWorks Nabbed 230 Billion Rupiah Series A Funding
Funding round led by Mandiri Capital Indonesia, supported by Gunung Sewu and Convergence Venture
Randi Eka - 24 August 2018
P2p lending startup KoinWorks receives the Series A funding of IDR 230 billion led by Mandiri Capital Indonesia (MCI). It was also supported by Gunung Sewu and Convergence Venture.
Aside from the equity distribution and additional bonds, this also started the strategic partnership between KoinWorks and Mandiri Group. It's focused on developing safe and relevant financial facilities for Indonesia's digital SME market.
Mandiri Group will participate in supervising the development of safe and affordable financial products in KoinWorks. KoinWorks is hoping to strengthen its position as the market leader in p2p lending for SME.
Since officially registered in OJK by 2016, KoinWorks has been supporting digital SMEs development in five main verticals: fashion, electronics, cosmetics, gadget, and food & beverage industries. According to the data, most of the SMEs registered in KoinWorks are under five years operation.
"Most of the SMEs in Indonesia have gone digital, retails are getting decreased. The market potential becomes KoinWorks' focus. This business goes along with our spirit in improving Indonesia's financial inclusion," Benedicto Haryono, KoinWorks' Co-Founder and CEO, added.
In addition, he also revealed that this funding will be focused on developing technological innovations in each of KoinWorks financial product.
"With the presence of data showing positive prospect from digital SME market, it's important for them to gain access to an easy and safe financial service. P2p lending concept is very suitable as a leading financial service for their business development," Eddi Danusaputro, Mandiri Capital Indonesia's CEO, said.
In terms of funding, Koinworks claims to have controlled most of the p2p retail investor market in Indonesia. Lenders in KoinWorks have access to the filtered investment products, complete with a transparent risk level, loan tenor, and investment interest. All features are there and lenders in Koinworks are expected to be able to make an investment based on data analysis.
"We believe that technology is the key differentiator. Our focus is on technology development and user satisfaction. Along with the increasing number of smartphone users and a combination of affordable investment, it'll change the behavior. KoinWorks will change the way people invest digitally," Willy Arifin, KoinWorks' Co-Founder and Chairman, said.
– Original article is in Indonesian, translated by Kristin Siagian