NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, June 27, 2019

By Manish Singh

KoinWorks, an Indonesian startup that helps small and medium-sized businesses secure financial services through its online peer-to-peer platform, has raised $16.5 million SGD ($12 million USD) in a new funding round as money continues to flow in what has become a hot space for investors.

The Series B round for the three-year-old startup was led by EV Growth and Quona Capital . Existing investors — Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital — also participated in the round, the startup said in a statement. The new round means KoinWorks has raised more than $28.5 million to date.

Photo courtesy of lau rey.