Led by EV Growth and Quona Capital, this funding round for KoinWorks follows a Series A funding round it raised in earlier this year

Indonesian peer-to-peer (P2P) lending platform KoinWorks has raised an IDR170 billion (US$16.5 million) Series B funding round.

The funding round was co-led by EV Growth, the late-stage funding arm of Southeast Asian venture capital (VC) firm East Ventures, and Quona Capital, a fintech-focussed VC firm.

It also included the participation of existing investors.

“The round was oversubscribed, which means that the money raised only represents the amount of liquidity that existing shareholders were willing to make available, and does not reflect the true appetite of investors in KoinWorks,” KoinWorks co-founder and Executive Chairman Willy Arifin said in a press statement.

The funding round followed an undisclosed Series A funding round that the company raised in January from Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital.

KoinWorks plans to use the new funding to expand its team and explore more partnerships.

Also Read: P2P lending fintech startup KoinWorks just capped a total of US$15.7M funding

It will also continue to develop and improve its technology, to support its mission of promoting financial inclusion in Indonesia.

Founded in 2016 by Benedicto Haryono and Willy Arifin, KoinWorks is a platform that helps small- and medium-sized enterprises (SMEs), particularly those in the underbanked communities, secure greater access to financial services, from business financing to invoice financing.

The company claimed to have over 300,000 users with the majority of its investors being millennials and first-time investors.

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Image Credit: NeONBRAND on Unsplash

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