KoinWorks, an Indonesia-based FinTech platform, announced Tuesday a $108 million Series C funding round led by MDI Ventures, the corporate venture arm of Telkom Indonesia.

Previous equity investors such as Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures also participated in the round, KoinWorks said in a statement.

The funding, which consists of $43 million in equity and $65 million in debt capital, will be used to scale KoinWorks’ solutions and team as the company aims to hire 400 new employees globally to meet demand.

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

According to the statement, Indonesia is one of the world’s largest economies, with currently over 62 million 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, it said that access to finance is the second most cited obstacle SMEs face when trying to grow their businesses in emerging markets and developing countries.

“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,” said Benedicto Haryono, Chief Executive Officer and Co-Founder of KoinWorks.

As one of the key financial solution platforms in Indonesia, KoinWorks focuses on underserved and underbanked markets. It provides small to medium size businesses owners and freelancers a tool to kick off entrepreneurship and scale businesses by offering a wide range of products from SME Neobank: NEO account and card, to credit and productivity tools.

On the KoinWorks platform, users will find a marketplace of integrated applications such as accounting software, point of sale (POS), e-Commerce, human resource management system (HRMS) for SME, a budgeting app alongside KoinWorks staple products such as working capital, invoice factoring, early wage access and treasury management – designed to help business owners get on their feet, making financial accessible and affordable for anyone.

“Investing in KoinWorks is investing in the financial literacy of underbanked and underserved communities. 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,” said Donald Wiharja, Chief Executive Officer of MDI Ventures.

The funding follows a successful year for the company. Throughout the Covid-19 pandemic, demand for KoinWorks’ offerings exploded as more businesses were forced to find digital solutions to survive.

As a result, the company doubled its user base to more than 1.5 million users during COVID. Since April of 2021, KoinWorks’ latest digital financial solutions have drawn more than 100,000 SMEs into its waitlist, who are now in the process of being onboarded.

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