JAKARTA -- An Indonesian peer-to-peer fintech lending platform for SMEs on Monday announced that it raised $20 million in fresh debt and additional capital. For the equity capital, KoinWorks completed the first close of a convertible note from several VC firms, including existing investors Quona Capital, EV Growth and Saison Capital.
The company also secured new credit facilities, including from Netherlands-based Triodos Bank, to underwrite loans on its platform.
The additional funding is crucial for the business in the current environment, according to KoinWorks' co-founder and CEO Benedicto Haryono. "This investment shows tremendous confidence in our abilities as best-in-class loan originators in the fintech space in Indonesia. We are very pleased to have new and internationally respected multiple institutions joining the existing investors behind us as we move forward," he said in an official statement.
COVID-19 has been impacting fintech lenders in Indonesia, as many companies expect surging loan demand, and KoinWorks remains optimistic that it will continue to run strongly despite the crisis. In a recent interview with KrASIA, CFO Mark Bruny said the role of fintech lenders has become more vital for businesses to meet the need for additional capital.
To maintain quality in its loan book during the pandemic, KoinWorks is combining digital data with traditional, proven banking techniques. "Koinworks protects its lenders through strict underwriting standards, a strong capital position and ISO certified operations," Bruny said.
For the original story from KrASIA, click here.
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