MDI leads $108m round for Indonesia's KoinWorks
MDI Ventures, the VC arm of Telkom Indonesia, has led a USD 108m Series C round for Indonesia P2P lending platform KoinWorks.
Quona Capital, Triodos Investment Management, Saison Capital, AC Ventures, and East Ventures also participated. The funding consists of USD 43m in equity and USD 65m in debt.
It brings the start-up's total funding since inception in 2015 to about USD 150m, according to AVCJ Research. This includes an approximately USD 12m Series B in 2019 led by Quona and EV Growth, an entity now controlled by East Ventures, as well as USD 20m in debt provided by Quona, EV, and Saison in 2020.
KoinWorks is billed as the largest P2P lender registered and supervised by the Indonesia Financial Services Authority. It brings together borrowers and lenders through a single platform that offers access to financial services, including small business development loans.
The company focuses on underserved and underbanked markets, providing small to medium size businesses owners and freelancers with a tool to start and scale businesses. The service includes a marketplace of integrated applications across accounting, budgeting, invoicing, e-commerce management, and early wage access.
“SMEs have been our vision since day one and KoinWorks is here to democratize access to finance, and debunk the myth that it’s only for a specific class of entrepreneurs,” Benedicto Haryono, CEO and co-Founder of KoinWorks, said in a statement.
“KoinWorks has shown that opening the doors to capital and providing educational tools helps SMEs grow their sales. And if they take full advantage of all KoinWorks’ financial solutions, the growth potential for SMEs could be limitless.”
The investment comes amid significant traction related to COVID-19, with KoinWorks claiming demand for its offerings surged as businesses turned to digital solutions to survive.
The company said it has doubled its user base to more than 1.5 million users during the pandemic. Since April 2021, KoinWorks’ latest digital financial solutions have drawn more than 100,000 SMEs into its waitlist.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.