Indonesia-based peer-to-peer lending platform KoinWorks closed a $15.8m series A round yesterday that was led by Mandiri Capital Indonesia, the corporate venturing arm of financial services firm Bank Mandiri.
Diversified conglomerate Gunung Sewu also participated in the round, as did venture capital firm Convergence Ventures.
KoinWorks operates a financial services platform that offers peer-to-peer loans for purposes such as education, healthcare and business, and an employee loan scheme run in partnership with payroll management firm Gadjian.
The company will invest the series A funding in technology development and the improvement of its user experience.
Eddi Danusaputro, chief executive of Koinworks, said: “Our synergy with KoinWorks is aimed at offering beneficial and safe financial services to Indonesia’s future economic drivers, the online SMEs (small and medium-sized enterprises).
“With more than $7bn in transactions annually, the online SME market will continue to grow. By adding our experienced supervision to KoinWorks’ innovative solutions, we believe KoinWorks will continue being the leader in providing financial solutions for online SMEs.”