Indonesia’s KoinWorks raises $12m Series B

EV Growth is a joint venture established by East Ventures, Sinar Mas Digital Ventures and Japan’s YJ Capital that closed its debut fund last month at $200 million. The plan is to address a later-stage VC shortfall in Southeast Asia, and in Indonesia in particular.

The company said that some of its existing investor also contributed. It raised a Series A last years said to be worth around $16.5 million from Quona, Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, and a firm known as Beeblebrox.

KoinWorks bills itself as the largest P2P lending platform in Indonesia registered and supervised by the Indonesia Financial Services Authority. It brings together borrowers and lenders through a single platform that provides access to financial services, including small business development loans, for people who have not been served by traditional banking institutions.

According to a release, more than 60% of investor-funders on KoinWorks’ platform are millennials, and 70% of investors say KoinWorks is their first investment product. The company claims to have more than 300,000 users in total.

“KoinWorks shares Quona’s mission of financial inclusion, and has had a dramatic impact on businesses in Indonesia as a result of their commitment to responsible lending,” said Ganesh Rengaswamy, a co-founder and partner at Quona. “Their role in enabling resources catalyzing SME [small to medium-sized enterprise] growth cannot be overstated.”

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Indonesia
• East Ventures
• Sinar Mas Digital Ventures
• YJ Capital
• Financial Services
• SME