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Jakarta-Based Sme Financial Platform Koinworks Scoops Up $108M Series C

Jan 11, 2022•over 3 years ago

Amount Raised

$108 Million

Round Type

series c

Description

The backbone of Indonesia’s economy are its estimated more than 60 million SMEs. But many lack access to working capital and, especially before the pandemic, managed their finances using manual processes like spreadsheets. With COVID-19 prompting many to digitize, startups that focus on SMEs have been raising large rounds of funding to scale up quickly. KoinWorks is the latest

Company Information

Company

Jakarta Based

About

The Indonesia-based financial platform for SMEs announced today it has raised $108 million in Series C funding led by MDI Ventures. Demand increased as more businesses went online during the COVID-19 pandemic and the startup says its user base tripled to 1.5 million customers, and a waitlist of 100,000 SMEs who are being onboarded onto its new financial software. Arifin said that since KoinWorks’ monthly disbursement rate reached $50 million a month, its take rate has grown enough that the company became cash flow positive earlier this year, and its non-performing loan (NPL) percentage is lower than 2%.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech