Today, I’m proud to announce that KoinWorks has secured $108M in our latest Series C funding round, which consists of $43 million in equity and $65 million in debt capital. Led by MDI Ventures, with participation from previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures, the funding will support our vision to support underserved and unbanked small and medium-sized businesses (SMEs) across Indonesia.
Since our launch in 2016, we’ve been committed to providing entrepreneurs with the building blocks for their business. Throughout the Covid-19 pandemic, we’ve doubled down on our mission, sharing KoinWorks’ offerings with more than 1.5 million users who relied on our services to brave the storm. Since April alone, our latest digital financial solutions launch – including a collection of NEO products – resulted in 100,000 SMEs joining our waitlist.
These advances at KoinWorks have already made waves in the global financing market. Historically, venture capital funding has lacked diversity with most founders in financing capitals such as Silicon Valley and New York City. As a result, the United States market for venture funding is worth over $269B, more than four times the next largest market in China.
The harsh reality is that small businesses and entrepreneurs all over the world haven’t had equal opportunity for growth in their respective markets. But in recent years, we’ve seen more and more Venture Capitals expanding their investment portfolios to startups that become enablers for SMEs, including KoinWorks. This has provided a boost to our mission to help entrepreneurs on their journey, and enabled us to build our products to cater to the needs of small businesses and their entrepreneurial journey in the country.
To date, KoinWorks has helped businesses grow over 400% more than those with no capital access. Rather than resorting to loan sharks with high rates and predatory terms, KoinWorks provides capital access at affordable rates. While traditional banks’ approval rates are as low as 1.7%, our team at KoinWorks is proud to approve 17% of all loan applications we receive. Thanks to our incredible team, partners, customers and investors, we’re now the leading fintech platform in Indonesia.
With our latest funding, we plan to hire 400 new employees globally to set up SMEs for success. If you’re interested in joining the team, please visit our careers page here: koinworks.com/career
For more information on our Series C round, visit: https://tcrn.ch/3K3fEG7
Together, we look forward to creating a global financing market that empowers a more diverse group of founders and SMEs than ever before.