KoinWorks Secures US$10 Million from Lendable to Support Indonesia’s Digital SMEs
Jakarta, 18 May 2020 — As part of its commitment to support Indonesia’s SMEs, KoinWorks has raised an additional US$10 million (equal to Rp.149 Billion). The funding has been provided by the specialist emerging market debt provider Lendable, which joins the list of prestigious global financial institutions that have entrusted KoinWorks to stimulate national economic growth through its support for SMEs and productive sectors in Indonesia.
“We are pleased to have such a highly respected partner in Lendable join the Koinwork’s stable. Their funding proves that even during Covid-19, there is still capital available for best-in-class fintech lenders” added Mark Bruny, CFA as the Chief Financial Officer of KoinWorks.
KoinWorks ensures loan quality by using a data-driven approach combined with traditional banking processes to credit scoring. They have recently made adjustments to this system to allow for the Covid-19 conditions. Koinworks also follows regulations as set by the Financial Services Authority (OJK).
Daniel Goldfarb, Chief Executive Officer of Lendable, remarked “Closing our first transaction in Asia is an important milestone for Lendable and we are excited to do it with a best in class partner in Koinworks. In the current turbulent times, Lendable continues to support the unbanked and underbanked segments of society by providing debt to fintechs that deliver crucial services. We are excited to partner with a fantastic team and support such a necessary product.”
Benedicto Haryono as the CEO & Co-Founder of KoinWorks explained, “As a company that focuses on productive sector funding, KoinWorks will aim this funding to strengthen digital SMEs in Indonesia, with the support of thousands of retail lenders and other financial institutions that have been working together with KoinWorks to boost the growth of digital SMEs, particularly during this pandemic.”
Furthermore, KoinWorks recently initiated several programs to support digital SMEs in Indonesia, included the digital social movement #LokalSupportLokal. Through #LokalSupportLokal, KoinWorks launched a microsite, lokalsupportlokal.id, and invited public, brands, and media to donate their social media pages promoting products offered by SMEs. In addition, KoinWorks along with East Venture has successfully completed the first chapter of a donation program, KoinDonasi, for test kits and genetic research upon COVID-19 vaccines. Currently, KoinDonasi is back to fundraise for Personal Protective Equipment (PPE) purposes.
About KoinWorks
KoinWorks is Indonesia Largest Responsible Digital Lenders and winner of Asian Banker Financial Innovation Award 2019 for Lending. Fully license and supervised by Indonesia Financial Authority (OJK). With multiple financial products for its 400,000 users base, where both individual and SMEs can manage both their Asset & Liabilities under one single financial app. A true disruptive One-Stop Financial Platform, with core DNA in providing accessible and affordable financial solutions for everyone.
About Lendable
Lendable is a leading debt provider to fintech companies across frontier and emerging markets. Founded in 2015, they have provided commercial financing to fintech companies across Africa and Asia including off-grid energy companies, MSME lenders, consumer lenders, and asset finance companies. Lendable has deployed over $50m to fintechs that are enabling financial inclusion.
More information: www.koinworks.com lendable.io
