Indonesian peer-to-peer lending platform KoinWorks said in a statement on Monday that it has received an investment from US-based venture capital firm Quona Capital. “We’re very happy we could collaborate with Quona as one of our investors,” said Benedicto Haryono, chief executive and co-founder of KoinWorks. “With the inclusion of Quona among our line of investors, it will further help develop KoinWorks in becoming a responsible peer-to-peer lending firm and continue to innovate and provide a positive impact for society,” Benedicto added.
Quona Capital focuses on investment in financial technology companies it deems to have potential in facilitating access to financial products. The Washington-based company provides financial access in various regions, including Latin America, Africa, Britain and Asia.
KoinWorks said in the statement that the collaboration between itself and Quona Capital is based on a mutual understanding that technology has a strong role in improving quality and access to financial access for those beyond the reach of traditional banks.
The Jakarta-based fintech company, which has 100,000 investors on its platform, is one of the first fintech companies in the country to have obtained a license from the Financial Services Authority (OJK).
KoinWorks bridges the gap between investors and investees through its online platform and provides unbanked individuals with access to financial services.
The company focuses on business and educational loans. It won Bisnis Indonesia’s Most Innovative Fintech of the Year award in 2017.