Jakarta-based SME financial platform KoinWorks scoops up $108M Series C –
Summary
Since then, it has also developed a comprehensive platform of financial tools to help its customers, including e-commerce vendors and social commerce sellers, increase their sales. 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. Co-founder and executive chairman Willy Arifin told TechCrunch in an email that since 2019, monthly loan disbursements have also tripled to nearly $50 million and revenue had quadrupled. There’s still a lot of room for improvement” He added that with tens of millions of entrepreneurs in Indonesia, “it’s not a winner-takes-all market.” The top five banks in the country have a combined market value of close to $160 billion USD. There will undoubtedly be fintech companies out there tackling the unbanked/underbanked space, however, KoinWorks has a best in class approach tailored to the needs of SMEs and entrepreneurs that we believe will have a significant impact on the future sector.