The funding will help KoinWorks scale its product suite and hire additional staff. Here are the top-line bullets you need to know.
KoinWorks, a P2P lending platform, has raised $43M in Series C funding from Quona Capital, East Ventures, MDI Ventures, and AC Ventures, among others. It has also raised $65M in debt from Triodos Bank.
How’s the company performing?
- Jakarta-based KoinWorks helps SMEs and individuals obtain working capital from available lenders. It also offers accounting software, budgeting apps, invoice factoring, and other financial tools.
- The startup’s user base tripled to 1.5M during the Covid-19 pandemic. It currently has 100K SMEs on its onboarding waitlist.
- Since 2019, it has tripled its monthly loan disbursements to reach $50M, and it has also quadrupled its revenue.
- The company’s non-performing loan (NPL) percentage is currently less than 2%.
- The company is headquartered in Jakarta, but it also maintains offices in India, Vietnam, Yogyakarta, and Singapore.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.