Amid Covid-19, Indonesian P2P lender KoinWorks raises $20m in convertible note funding

Illustration of the KoinWorks app. ©KoinWorks

Backed by Quona Capital, EV Growth and other investors, KoinWorks plans to disburse more loans amid greater uncertainty and default risk

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P2P lending platform KoinWorks has raised $20m in the form of convertible notes from existing investors Quona Capital, EV Growth, the East Ventures joint fund with SMDV and Yahoo Japan, Saison Capital and other unnamed investors.Netherlands-based Triodos Bank also participated, extending credit facilities that Koinworks will use to underwrite new loans.Announcing the news, Willy Arifin, Executive Chairman and co-founder of KoinWorks, said in a press release dated April 13: “As an institution with the protection of our lenders’ capital at our core, being well capitalized is always a top priorit...
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Edited by Bernice Tang

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