KoinWorks, an Indonesia-based P2P lender, has reportedly secured $10 million in additional funding from UK lending platform Lendable. Founded in 2015, KoinWorks claims to be the leading P2P Fintech Lending in Indonesia and the first Indonesian P2P Lending company to be registered, as well as supervised by the Indonesian Financial Services Authority.
“KoinWorks provides a machine learning-based online platform to connect Lenders and Borrowers on which both parties can fulfill their needs whether to gain maximum return on a monthly basis or to get reachable and affordable online loan.”
The company’s products are the following:
- KoinRobo: Automatically diversified portfolios and get fixed return while making social impact to others.
- KoinP2P: Users may start lending and make meaningful action with as little as Rp100,000, get EAR from 18% p.a.
- KoinBisnis: Where SMEs can get hassle-free financing up to Rp2 billion with no collateral, within one day.
KoinWorks reported that it is services are “used and loved” by more than 300,000 users who are “closer to their financial goals.”
“We are uniting you and your financial needs in one super app.”
According to Techinasia, the investment from Lendable comes just weeks after KoinWorks raised $20 million from existing investors Quona Capital, EV Growth, and Saison Capital.
Lendable claims to be one of the fastest-growing consumer online lenders in Europe. The fintech received a £500 million funding line from NatWest Markets, Waterfall, and Varadero last year.