KoinWorks, an Indonesian peer-to-peer lending company, raised USD$16.5m in Series A funding.
The round was led by Mandiri Capital Indonesia with participation from Gunung Sewu and Convergence Ventures.
The company intends to use the funds to invest in technology and improve the user experiences.
Led by co-founder and chairman Willy Arifin, KoinWorks is a fintech lending company that operates a machine learning-driven P2P lending platform connecting investors and borrowers for business, education, health, and employee loans.
The platform has approximately 50,000 lenders.