[Weekly Updates] KoinWorks and Kargo Technologies Receive Funding; Sharia Feature from LinkAja; and More
We deliver weekly update about tech startup in Indonesia
Amir Karimuddin - 20 April 2020
Both p2p lending startup Koinworks and smart logistics startup Kargo Technologies have big funding announcement these days, while LinkAja provides a sharia feature for its payment solution. Also in the news is the introduction of Sehatigold, an Indodax’s sister company, as an online gold-based trading/investment platform.
KoinWorks Receives 316 Billion Rupiah Funding from European Financial Institution and Venture Capital
Fintech lending startup, KoinWorks, 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.
KoinWorks 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.
Kargo Technologies Announces 504 Billion Rupiah Funding, to Provide Loan Access for Logistics Partners
The logistics marketplace connecting companies with truck services, Kargo Technologies, has announced US$31 million (around 504 billion Rupiah) funding in its Series A round. It was led by Silicon Valley based Tenaya Capital. Also participated in this round, Sequoia India, Intudo Ventures, Amatil X, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment.
In this round, Kargo manages to secure funding in the form of debt financing from banks and regional financial institutions.
Kargo Technologies’ CEO, Tiger Fang, said most of the funding will be prioritized for business operations and products development to adjust the current deployment situation of Covid-19. For truck owners, companies can help their cash flow with fast funding products, which are very much needed in the current circumstances.
LinkAja Officially Launches Sharia Feature
After few months of trial, LinkAja officially launched the sharia feature to public. They target to reach one million users for this service.
LinkAja first introduced the sharia features in November last year. One of the most distinguishing features of this sharia is its conventional services as an institution for the deposit (floating funds) to top up balances using the services of Islamic banks.
In order to pursue the target, LinkAja has collaborated with 1000 mosques, 11 waqf institutions, 23 zakat institutions, and 67 donation institutions.
Introducing Indodax’s Sister Company Sehatigold, an E-commerce Platform for Gold
Sehatigold has transformed as an online gold trading platform. It is headed by Denny Ardhiyanto and one of the founders is major shareholder in Indodax. The platform was made to solve two problems in buying and selling gold, for a very small to the loss of profit margin when trading gold, also the affordability. Sehatigold offers solutions by selling gold starting from 0.01 grams or having a nominal value of IDR 10,000 without any additional costs.
Sehatigold has several main services. In addition to buying and selling gold, customers can exchange the gold savings they buy online into physical gold in the form of jewellery or precious metals. Then, the platform allows users to trade gold.
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