JAKARTA — An Indonesian peer-to-peer fintech lending platform for SMEs on Monday announced that it raised $20 million in fresh debt and additional capital. For the equity capital, KoinWorks completed the first close of a convertible note from several VC firms, including existing investors Quona Capital, EV Growth and Saison Capital.
The company also secured new credit facilities, including from Netherlands-based Triodos Bank, to underwrite loans on its platform.
The additional funding is crucial for the business in the current environment, according to KoinWorks’ co-founder and CEO Benedicto Haryono. “This investment shows tremendous confidence in our abilities as best-in-class loan