P2P lender KoinWorks bags $1.4m from Japan's Saison Capital

Indonesian peer-to-peer lending platform KoinWorks has received around US$1.4 million in additional funding from Saison Capital, the venture arm of Japanese financial services firm Credit Saison, as part of its series B round.

The new funds bring KoinWorks’ total series B and B2 raise to about US$13.6 million. It raised US$12.2 million in June in a round led by fintech-focused venture capital firm Quona Capital and Singapore’s EV Growth.

Founded in 2016, the company connects investors with borrowers through its platform, providing small and medium-sized enterprises (SMEs) with an alternative to traditional financial institutions.

KoinWorks plans to use the fresh funds to develop new financial products to support digital SMEs, especially those in social commerce.

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Source: P2P lender KoinWorks bags $1.4m from Japan’s Saison Capital