KoinWorks, a Indonesia-based peer-to-peer lending platform backed by financial services firm Bank Mandiri and diversified conglomerate Gunung Sewu, has received S$16.5m ($12.2m) in series B funding.
EV Growth, a joint venture formed by conglomerate Sinar Mas, internet company Yahoo Japan and VC firm East Ventures, co-led the oversubscribed round with venture capital firm Quona Capital, participating alongside undisclosed existing investors.
Founded in 2016, KoinWorks has built an online platform that provides peer-to-peer loans to a user base of more than 300,000, utilising machine learning to organise the best value on both sides of the transaction.
The capital will support the development of additional technology as well as the formation of strategic partnerships and the expansion of the company’s team.
Mandiri Capital Indonesia, the corporate venturing arm of Bank Mandiri, led a $15.8m series A round for KoinWorks in August 2018, investing together with Gunung Sewu and venture capital firm Convergence Ventures.