Miguel Cordon · · 1 min readP2P lender Koinworks banks $12m from EV Growth, Quona, others
Indonesian peer-to-peer lending platform Koinworks raised about US$12.2 million in a series B funding round led by fintech-focused venture capital firm Quona Capital and Singapore’s EV Growth.
Other existing investors also participated in the round.
Photo credit: Koinworks
The company plans to use the new funding to expand its team, develop partnerships, and improve its platform.
Established in 2016, Koinworks connects borrowers and lenders online, and provides small and medium-sized enterprises an alternative to traditional financial institutions. According to the startup, the platform’s machine learning capability helps borrowers access low-interest loans and allows lenders receive better returns.
Koinworks’ products currently include business financing and invoice financing.
The company claims to have the largest retail investor base in Indonesia with upwards of 300,000 users. It also noted that 60% of funders on its platform are millennials.
Early this year, Koinworks received an undisclosed amount of series A+ funding from the Accion Frontier Inclusion Fund, which is managed by Quona Capital.
Editing by Charmaine de Lazo
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