KoinWorks raises $20m in a debt and equity round

KoinWorks, an Indonesia-based lending platform, has reportedly raised $20m in a funding round comprised of debt and equity.

The round includes a debt line from Netherlands-based Triodos Bank, which will be used to underwrite loans, according to several reports in the media.

Equity was also supplied by previous backers Quona Capital, EV Growth and Saison Capital.

KoinWorks, which  was founded in 2016, is a peer-to-peer lending platform which is helping to connect lenders and borrowers. Users can invest into loans with a minimum contribution of RP 100,000 ($6.37) and get returns of up to 18%, it claims.

The FinTech’s former round was a $15.7m Series A, which it closed back in 2018 from investors including Mandiri Capital, Gunung Sewu and Convergence Ventures.

Last year, fellow P2P platform in Indonesia, Amartha, closed its Series B to help micro entrepreneurs connect with retail investors. Its round was backed by LINE Ventures, Bamboo Capital Partners, UOB Venture Management, PT Teladan Utama and PT Medco Intidinamika.

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