Indonesian Peer-to-peer (P2P) lending platform, KoinWorks, just announced its latest Series A funding raised from the international fintech-focussed venture capital firm Quona Capital.
KoinWorks made for Quona Capital’s first fintech investment in Indonesia, inking the deal just after the startup reached a total of 100,000 investors.
“We are thrilled to collaborate with Quona as its mission is to back fintechs that truly works to make differences in society and to achieve inclusivity in finance,” said Benedicto Haryono, CEO dan Co-Founder KoinWorks.
Quona Capital and KoinWorks are forming a joint collaboration, sharing the same mission of championing technology as a means to improve the quality, access, and reach of financial services for those overlooked by traditional banks.
So far, Quona Capital has backed financial inclusivity focussed startups in Latin America, Africa, the UK, and Asia.
According to the 2017 Global Findex database, Indonesia accounts for 33 per cent of the underserved population in terms of financial services. As shared in the Wave 3 Report FII Tracker Survey — conducted by InterMedia and the Bill & Melinda Gates Foundation — only 26 per cent of Indonesians meet the global financial services standard.
KoinWorks’ recent innovation includes a RoboLending feature that allows investors to fund companies without having to shadow and to choose which business they want to support. RoboLending does the work of deciding based on portfolio and investment returns.
Before this fresh funding, KoinWorks has been backed by Mandiri Capital Indonesia, Gunung Sewu, and Convergence Capital, all in 2018.
Image Credit: KoinWorks