Photo credit: KoinWorks
KoinWorks, an Indonesia-based fintech firm, has confirmed that it has shuttered KoinPintar, its higher education student loan service, which had been running since 2017.
“After various considerations, KoinWorks decided to discontinue this service at the end of 2022 and switch to focus on other financing products,” a spokesperson for the company told Tech in Asia.
Fellow Indonesian fintech company Pintek also shifted its focus recently from student loan services to business financing.
Originally established in 2016 by Benedicto Haryono and Willy Arifin as a peer-to-peer lending platform, KoinWorks has since expanded to provide a variety of financial services. One of its more recent offerings – released in April 2022 – is Neo, a neobank solution that enables businesses to borrow working capital, create financial reports, and make payments.
The company claimed to have over 2.5 million active users, and as of last October, the firm had logged 90,000 Neo accounts.
The firm bagged US$108 million in a series C funding round led by MDI Ventures in January 2022.
In November, KoinWorks also laid off 70 employees, or around 8% of its workforce, due to an “internal reorganization.”
See also: Indonesian fintech firm KoinWorks lays off 70 employees
Editing by Miguel Cordon and Dhania Putri Sarahtika
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