Established in 2016 by Benedicty Haryono and Willy Arifin, Koinworks has had a very clear target group right from the start: meeting the needs of the underserved SME sector in Indonesia.
KoinWorks has developed a P2P online platform, connecting borrowers (SMEs) to retail lenders, so that small businesses can get access to credit. Currently, around 550,000 retail lenders and more than 4,000 borrowers are active on its platform. Through this platform, KoinWorks provides retail individuals with an opportunity to channelise and diversify their money towards the underserved SMEs which form the backbone of the Indonesian economy.
In October 2020, Triodos Investment Management announced that Triodos Microfinance Fund, Triodos Fair Share Fund and Hivos-Triodos Fund provided a EUR 3 million debt facility to KoinWorks. To fuel KoinWorks’ growth, Triodos Microfinance Fund and Triodos Fair Share Fund invested in a convertible loan note in 2021. This will support KoinWorks’ ambition to further strengthen its position, expand financial services beyond lending, and better cater to the needs of SMEs.
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