KUALA LUMPUR, June 25 (Bernama) -- KoinWorks, Indonesia’s largest peer-to-peer (P2P) lending platform has raised Series B fundraise of S$16.5 million (IDR 170 billion) to expand the KoinWorks team and partnerships. (S$1 = RM3.06)
The oversubscribed round, co-led by EV Growth and Quona Capital (a leading venture capital firm), with participation from existing investors, will also be used to further develop systems and technology to provide financial inclusion throughout Indonesia.
Established in 2016, KoinWorks brings together borrowers and lenders online through a single platform that provides access to financial services for SMEs who have historically been unbanked or underbanked by traditional financial institutions.
Leveraging machine learning, KoinWorks enables borrowers to access low interest loans while funders receive better returns with available products, including business financing and invoice financing.
KoinWorks had previously raised a Series A last year, from investors Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital.
Today, more than 60 per cent of investor-funders in KoinWorks’ platform are millennials, and 70 per cent of investors say KoinWorks is their first investment product, according to a statement.
For more information, contact https://koinworks.com.
-- BERNAMA
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