KoinWorks raises $108m in Series C to power Indonesia’s SME sector
Jakarta-based KoinWorks has raised $108 million in a Series C funding round led by MDI Ventures, the corporate venture arm of Telkom Indonesia.
The round also saw participation from previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures.
The funding, which consists of $43 million in equity and $65 million in debt capital, will be used to scale KoinWorks’ solutions and team – the company aims to hire 400 new employees globally.
KoinWorks focuses on Indonesia’s small and medium-sized enterprises (SMEs) and freelancers, offering them access to finance. The company says there are over 62 million SMEs in the country.
“SMEs have been our vision since day one and KoinWorks is here to democratise access to finance, and debunk the myth that it’s only for a specific class of entrepreneurs,” states Benedicto Haryono, CEO and co-founder of KoinWorks.
“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 company’s offering includes a bank account with a card and credit and productivity tools.
Its marketplace provides access to working capital, invoice factoring, early wage access and treasury management as well as integrated applications such as accounting software, POS, e-commerce, a human resources management system and a budgeting app.
KoinWorks was founded in 2015. It raised $16.5 million in a Series A round in 2018, followed by $12 million in a Series B in 2019.
Since the start of the COVID pandemic, the company’s user base has doubled to more than 1.5 million users. There are 100,000+ SMEs on its waitlist, it says, which are now in the process of being onboarded.