KoinWorks Receives 316 Billion Rupiah Funding from European Financial Institution and Venture Capital

A fintech lending, KoinWorks, today (2/13) just announced new funding in two terms, equity and loan. The amount reaches US$20 million or around 316 billion Rupiah. Regarding investors, Quona Capital, EV Growth, and Saison Capital with participation of some others are involved in the equity. In terms of the loan, the company only reveals the two financial institutions that come from Europe.

This round has added up to the company's capital after previously announced series B and B2 funding on November 2019 worth of SG$18.5 million (around 190 billion Rupiah) from Saison Capital. EV Growth and Quona Capital had first pour US$16.5 million (around 170 billion Rupiah). The flowing cash from investors has tightened its vision to be a "Super Financial App" in Indonesia.

"We are proud to announce funding from various sources amidst the challenging business situations. KoinWorks also stands along with some of the large financial institutions and hundreds of thousands retail investors to support digital SMEs during the Covid-19 outbreak," KoinWorks' Executive Chairman & Co-founder, Willy Arifin said.

In addition, KoinWorks also plans to use the fresh money for financial loans through the fintech lending platform. The new credit feature is provided by an international institution, namely Triodos Bank, global banking from the Netherlands.

In December 2019, the team has announced a new row of institutional lenders from abroad. Previously, there were only local financial institutions, including Sampoerna and Bank CIMB Niaga.

Investors are pouring money for Indonesian startups

The pandemic occurs in Indonesia and around the world has created difficulty for various life aspects, including the economy. Some startups had no other option than to downsizing business - including layoffs. While some others seem to be on-track in growth.

In addition to KoinWorks, several startups who have recently announced funding include Kargo Technologies (logistics), Investree (financial), WebTrace (logistics), BukuWarung (SaaS), and others.

DSResearch's report has noted that during the first quarter of 2020, funding trends remained relatively normal. At least 20 funding transactions were announced to the public during the period. It includes Gojek's Series F funding that reaches 21 trillion Rupiah.

Koinworks's founder agreed, trusts from investors during these difficult times - especially from the outside - show a good indication for the digital ecosystem in Indonesia. At the same time providing slick business validation, bringing startups to sustainable growth.

"Investment from Triodos, especially during the current turbulence, shows extraordinary confidence in our ability as the best loan provider in the Indonesian fintech industry. We are pleased to have a leading international institution joining our ranks of investors while continuing to move forward," KoinWorks CEO & Co-Founder, Benedicto Haryono said.

–Original article is in Indonesian, translated by Kristin Siagian