Indonesia based startup that helps SMEs secure financial services through its online P2P platform, has raised $12m in Series B funding, led by EV Growth and Quona Capital.
Surprisingly, KoinWorks raised a bigger amount — $16.5 million (USD) in its Series A round in the second half of last year. Willy Arifin (CEO) insisted that the round was intentionally oversubscribed, suggesting that the existing shareholders of the startup were unwilling to overly dilute their stake. The new round “does not reflect the true appetite of investors in KoinWorks,” he added. Nevertheless, the platform has allegedly amassed more than 300,000 users. More than 60% of the lenders are millennials and for 70%, it is their first time investment.