KoinWorks raises $108m in Series C Funding

By Leandra Monteiro

KoinWorks, a FinTech platform in Indonesia, announced a $108 million Series C funding round led by MDI Ventures, the corporate venture arm of Telkom Indonesia with participation from previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures.

The funding, which consists of $43 million in equity and $65 million in debt capital, will be used to scale it’s solutions and team as the company aims to hire 400 new employees globally to meet demand. Royal Park Partners acted as exclusive strategic and financial advisor to KoinWorks.

Indonesia is one of the world’s largest economies, with currently over 62 million small or medium enterprise businesses, also known as SMEs. Even more, Indonesia has a projected gross merchandise value of $70 billion this year, and that number is expected to grow more than double in 2025. However, access to finance is the second most cited obstacle SMEs face when trying to grow their businesses in emerging markets and developing countries.

“We understand the dynamics of online financial services and the large space the future of fintech holds in today’s digital landscape,” said KoinWorks Co-founder Willy Arifin. “KoinWorks empowers SMEs who have an appetite for digital financial products with a plethora of products that allow for growth and financial literacy.”

“SMEs have been our vision since day one and KoinWorks is here to democratize access to finance and debunk the myth that it’s only for a specific class of entrepreneurs. KoinWorks has shown that opening the doors to capital and providing educational tools helps SMEs grow their sales. And if they take full advantage of all KoinWorks’ financial solutions, the growth potential for SMEs could be limitless,” added Benedicto Haryono, CEO and Co-Founder of KoinWorks.

“Investing in KoinWorks is investing in the financial literacy of underbanked and underserved communities,” said Donald Wiharja, CEO of MDI Ventures. “We are ecstatic to be in concert with a team that understands the importance of each step in the journey of entrepreneurship and SME growth.”

“KoinWorks helped me raise additional funds, develop my business and thrive past the pandemic without the burdens many small entrepreneurs face when attempting to scale,” said KoinWorks user since 2016, Dedy Liem, owner of Jaxine Sprei & Bedcover, a bedding sheet producer. “With a simple application and approval process, I obtained all the financial services I had been missing for so long.”