Indonesia-based KoinWorks, an online P2P lending platform, has raised IDR 230bn ($15.7m) in its Series A round.
Mandiri Capital led the investment, with Gunung Sewu, and Convergence Venture also taking part in the funding.
KoinWorks is a P2P online lending and investing platform which helps to connect investors and borrowers. Users can invest into loans with a minimum contribution of IDR 100,000 ($6.84) and interest rates ranging from 15 per cent to 38 per cent, depending on the risk of the investment.
Borrowers can apply for business, education and health loans, which have monthly repayment terms.
This capital injection will be used to develop new innovative technologies and solutions. Alongside this, the funds will be used to increase the partnerships with SMEs across Indonesia.
KoinWorks co-founder and CEO Benedicto Haryono said, “In this digital era, SMEs need innovative financial solutions. KoinWorks has always proven to be an innovator in providing technology-based financial services.”
Earlier in the year, fellow Indonesian FinTech company ANGIN raised an undisclosed seed round of funding. The round was led by 500 Startups, with participation also coming from Sintesa Group’s Shinta Kamdani, Cardig International’s Diono Nurjadin, and Alpha JWC’s Jefrey Joe.
ANGIN acts as a bridge to connect and facilitate investors and entrepreneurs along the entire investment process. For Investors, it provides access to dealflow, screening and due diligence, deal execution assistance, portfolio management, access to insider data, and exposure to exclusive events and workshop.
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