Indonesian lendtech KoinWorks collects $16.5m funding
Indonesia-based online peer-to-peer lending marketplace KoinWorks has secured $16.5 million in a Series A funding round.
The investment was led by Mandiri Capital, and included investment management firm Gunung Sewu and Convergence Venture.
KoinWorks provides a machine learning-based online platform to connect lenders and borrowers.
Willy Arifin, co-founder and chairman of KoinWorks, notes the “increasing number of smartphone users in Indonesia” – it’s kind of a clue to its ambitions – and says the firm plans to target the SME sector in Indonesia.
Eddi Danusaputro, CEO of Mandiri Capital, adds: “Now, with more than $7 billion in transaction value, the online [Indonesian] SME market will continue to grow.”
KoinWorks is based in Jakarta and was founded in 2015.