KoinWorks Raises Series B And Series B2 Round Bringing US$18.5 Million Fund In Total

TIMESINDONESIA, JAKARTA – KoinWorks, Indonesia’s largest digital SMEs Lending company announced its latest closing from Saison Capital, the venture arm of Japanese financial services leader Credit Saison, to bring the total Series B and Series B2 round to S$18.5 million, (1/11/2019). 

KoinWorks is the first Indonesian portfolio invested by Saison Capital providing financial services for the unbanked and underbanked SMEs. The fresh fund aimed to develop better financial products in supporting digital SMEs specifically those in social commerce to access loan for business development purposes.

Benedicto Haryono as CEO & Co-Founder KoinWorks mentioned, “65% of the Gross Domestic Product in Indonesia is contributed by SMEs 1and 92% of these SMEs have been utilizing social network to run their business2.Thus, making Indonesia to be the highest recorded contributor for digital economy among the southeast asia regions. Ironically, many social commerce SMEs have obstacles in receiving loan to grow their business due to limited documents, collateral and other business requirements needed by conventional financial institution.

As mentioned previously by President Joko Widodo and Vice President Ma’ruf Amin during their inauguration, one of the Government’s focus is to strengthen Indonesia’s digital economy and to be a developed country by 2045.

“Unmistakably, KoinWorks is also known as the superhero of Indonesia Digital SMEs Lending. We are happy for such connotation and we are willing to show our commitment by supporting the ease of financial service towards the future of Indonesia’s biggest GDP contributor, the SMEs in the world of ever growing Indonesia Digital Economy,” added Willy Arifin as Executive Chairman & Co-Founder KoinWorks.(*)

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