Indonesia-based peer-to-peer lending platform KoinWorks has received $20m in debt and equity financing from investors including financial services firm Triodos Bank and payment services provider Credit Saison, e27 reported on Monday.
The round was also backed by EV Growth, a joint venture between conglomerate Sinar Mas, internet company Yahoo Japan and venture capital firm East Ventures, as well as VC firm Quona Capital. Credit Saison participated through corporate venturing arm Saison Capital.
Founded in 2016, KoinWorks operates an online peer-to-peer lending marketplace that has signed up 400,000 borrowers and nearly 220,000 lenders to date.
The company offers a robo-investment service that allows lenders to automatically build diversified portfolios, and enables small and medium-sized enterprises to apply for loans without collateral. It will use the funding to double down on the latter offering.
Saison Capital supplied $1.4m in series B2 funding for KoinWorks in November 2019, five months after a $12.2m series B round co-led by EV Growth and Quona Capital that included unnamed existing investors.
Mandiri Capital Indonesia, the corporate venturing subsidiary of financial services firm Bank Mandiri, had led the company’s $15.8m series A round in 2018, investing alongside diversified conglomerate Gunung Sewu and VC firm Convergence Ventures.
