Aditya Hadi Pratama · · 2 min readKoinWorks set to launch neobank feature for SMEs
KoinWorks, an Indonesia-based fintech firm, is set to launch a neobank feature that would allow business owners to handle several banking services directly in its app. The company seems to have released the service under the radar to specific users, and one of them shared his experience with the feature via social media.
Tech in Asia requested comment from KoinWorks, but the company has yet to reply.
Photo credit: KoinWorks
From a video that was shared by the user, the neobank feature appears to let users open business bank accounts and avail a virtual card called KoinWorks Neo Card, which has a Mastercard logo on it.
The user said that he succeeded in using the virtual card to top up his Instagram Ads credit.
If it launches, the neobank would be the fintech firm’s first step in following Brazil-based Nubank’s playbook, as the feature may be connected to KoinWorks’ core lending service. Business owners’ transaction history in the platform can also ease the process of opening a business bank account.
Founded in 2016, KoinWorks is a peer-to-peer lender that connects retail and institutional investors to small and medium-sized enterprises that need business loans. In 2020, the company raised a total of US$30 million in a mix of equity and debt from Quona Capital, East Ventures, Saison Capital, Triodos Bank, and Lendable.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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