KoinWorks has scored another funding in a loan form (debt fund) worth $10 million (equivalent to 149 billion Rupiah) from UK-based institution-lender for developing countries, Lendable. This also adds Lendable to the list of institutional lenders invested on the KoinWorks platform.
KoinWorks Co-Founder & CEO Benedicto Haryono said this funding is to be used to build strong businesses of Indonesian digital SMEs.
“In fact, through the support of thousands of retail lenders and other financial institutions that have been together to encourage the growth of digital SME businesses, especially in the pandemic situation,” he said as quoted from an official statement on Monday (5/18).
Thanks to this additional capital, KoinWorks CFO Mark Bruny said that he was confident because he has succeeded in proving that even though the industry is facing the hard times by Covid-19, the company’s capital is still going strong.
Lendable’s CEO Daniel Goldfarb revealed this funding was his debut in Asia, KoinWorks was his first portfolio. “In the current turbulent times, Lendable continues to support the unbanked and underbanked segments of society by providing funding through fintech companies that provide valuable services to them.”
As history speaks, Lendable was founded in 2015, providing commercial financing to fintech companies in Africa and Asia, including off-grid energy companies, SME lenders, consumer loans, and corporate asset financing. It is claimed they have funded more than $ 50 million for fintech which encourages financial inclusion.
Prior to Lendable, KoinWorks recently received funding under two schemes, loans and equity with a total value of $20 million (316 billion Rupiah). In terms of lenders, it’s coming from two financial institutions from Europe, one of them is global banking from the Netherlands, Triodos Bank.
In a previous interview with DailySocial, KoinWorks confirmed that they would announce new global institutional lenders at the end of last year. Currently, there were only local financial institutions, including Sampoerna and Bank CIMB Niaga.
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Original article is in Indonesian, translated by Kristin Siagian