Indonesia’s KoinWorks 🤝 Mastercard, BNI for virtual card service (Updated)

Update (Apr. 12, 4:30 p.m. SGT): This article was updated with information about BNI’s involvement in the partnership.

KoinWorks, an Indonesia-based fintech startup, has officially launched a neobank feature through a partnership with global payments firm Mastercard and state-owned bank BNI. Called Neo Card, the new service will be gradually rolled out to users this month.

KoinWorks app / Image credit: KoinWorks

The feature will provide business owners with a virtual card from Mastercard that is connected to BNI accounts. They can then top up their accounts and use the card for various transactions, including buying raw materials and paying for online ads.

Neo Card also allows users to generate invoices and financial statements, as well as personal links to receive payments. KoinWorks said it’s the first company to offer such features in Indonesia.

According to Aditya Chintawar, KoinWorks’ chief product officer, the new feature will also allow the company to understand its users better. Transaction data from Neo Card can help the startup to provide instant approved loans for users who are looking to grow their businesses.

Chintawar said he expects to onboard 200,000 new business owners by the end of this year through the new feature.

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Founded by Benedicto Haryono and Willy Arifin in 2016, KoinWorks started as a peer-to-peer lending company. Since then, it has raised US$70 million in equity and around US$110 million in debt funding.

The fintech firm counts MDI Ventures, Quona Capital, AC Ventures, and East Ventures as its investors.