Koinworks to Cast More Institutional Lenders, Focusing to Serve SMEs
As of the second quarter of 2021, KoinWorks has disbursed more than 1 trillion Rupiah of productive loans to 300 thousand SMEs
Lendable pours another debt funding to KoinWorks. In 2020, the funds given were worth $10 million (equivalent to 149 billion Rupiah), the nominal has currently increased to $30 million or around 435 billion Rupiah. In Indonesia, Lendable also disbursed a similar loan to Amartha in February 2021 valued at 704 billion Rupiah.
Previously in April 2020, KoinWorks also announced the debt funding from two Europe-based financial institutions. As we contacted, the company refused to reveal its identity. In an interview, KoinWorks' Co-Founder & CEO, Benedicto Haryono did say that collaboration with institutional lenders is one of his strategies, both from domestic and foreign institutions.
He explained that the company had obtained institutional lenders since early 2018, marked by the entrance of Saison Modern Finance. Furthermore, Bank Mandiri followed in the middle of the year. In 2019, Sampoerna and CIMB Niaga also joined.
Focused on SMEs
For the company's next plan after receiving the fresh funds, KoinWorks' CFO Mark Bruny said that his team will still focus on serving the SME market which has great potential in Indonesia. This strategic collaboration is also said to be a success thanks to the transparency and good communication that exists between KoinWorks and Lendable.
"We believe that digital SMEs that have become borrowers on our platform will be able to survive and even seize the opportunity to thrive from this pandemic. Lendable agrees and they believe in the ability of Indonesian Digital SMEs and KoinWorks' ability to carry out this vision," Mark told DailySocial.id .
Regarding a change in approval or additional requests from Lendable to KoinWorks through this second collaboration, Mark emphasized that the approval is likely remain. Through the 300% increase of loan amount, KoinWorks is expected to be able to accelerate the distribution funds to Indonesian SMEs.
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