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Aditya Hadi Pratama · · 1 min readIndonesian fintech firm KoinWorks lays off 70 employees
Indonesia-based KoinWorks has laid off 70 employees, or about 8% of its workforce, due to an “internal reorganization” aimed at ensuring it can continue being “responsive to users’ needs,” the company told Tech in Asia.
Photo credit: KoinWorks
Affected staff will receive severance packages to help them during this transition period, the company said.
The startup was founded by Benedicto Haryono and Willy Arifin in 2016 as a peer-to-peer lending company. It introduced KoinWorks Neo in April, a neobank solution that helps business owners borrow working capital, make payments, and create financial reports.
In October, there were 90,000 Neo accounts on KoinWorks’ platform. About 120,000 Neo Cards have also been disbursed.
Earlier this year, KoinWorks secured US$108 million in a series C round that consisted of equity and debt capital. The fundraise was led by MDI Ventures, the corporate VC unit of conglomerate Telkom Indonesia.
Editing by Samreen Ahmad and Eileen C. Ang
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The company cited “internal reorganization” aimed at ensuring it can continue being “responsive to users’ needs” as the reason of the layoff.
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