JAKARTA, Indonesia, June 25 (Bernama-GLOBE NEWSWIRE) — KoinWorks, Indonesia’s largest peer-to-peer (P2P) lending platform registered and supervised by OJK, today announced its Series B fundraise of S$16.5 million (IDR 170 billion). The oversubscribed round was co-led by EV Growth and Quona Capital, with participation from existing investors. The new funding will be used to expand the KoinWorks team and partnerships, and further develop systems and technology to provide financial inclusion throughout Indonesia with its popular one platform.
KoinWorks was established in 2016 by co-founders Benedicto Haryono and Willy Arifin. The company brings together borrowers and lenders online through a single platform that provides access to financial services for SMEs who have historically been un- or underbanked by traditional financial institutions. Leveraging machine learning, KoinWorks enables borrowers to access low interest loans while funders receive better returns. Available products include business financing and invoice financing.