Jakarta-based SME financial platform KoinWorks scoops up $108M Series C – TechCrunch

The backbone of Indonesia’s economy are its estimated more than 60 million SMEs. But many lack access to working capital and, especially before the pandemic, managed their finances using manual processes like spreadsheets. With COVID-19 prompting many to digitize, startups that focus on SMEs have been raising large rounds of funding to scale up quickly. KoinWorks is the latest. The Indonesia-based financial platform for SMEs announced today it has raised $108 million in Series C funding led by MDI Ventures. The round included $43 million in equity and $65 million in debt capital for the working capital loans KoinWorks provides to its customers.

The round brings KoinWorks’ total raised to $180 million. Existing investors who returned for its latest round include Quona Capital, Triodos Investment Management, Saison Capital, ACV and East Ventures. The new funds will be used for hiring about 400 new employees and scaling KoinWorks’ latest suite of products, SME Neobank.

KoinWorks is headquartered in Jakarta, with holding in Singapore and tech offices in Yogyakarta, India and Vietnam. KoinWorks was originally created to help SMEs, which are often turned away by traditional financial institutions, get access to working capital. Since then, it has also developed a comprehensive platform of financial tools to help its customers, including e-commerce vendors and social commerce sellers, increase their sales.

TechCrunch first profiled KoinWorks in 2019 when it raised $12…