KoinWorks, the Jakarta-headquartered financial platform for SMEs, has raised US$108 million in Series C funding led by MDI Ventures. The round included US$65 million in debt capital and US$43 million in equity for the working capital loans KoinWorks extends to its customers. The new funds will be utilized to hire around 400 new employees and scale KoinWorks’ latest suite of products, SME Neobank. Koinworks uses its machine-learning-powered solution to assess the eligibility of unbanked SMEs using data that are outside of the usual risk parameters. It also offers other services such as bank accounts, credit cards, and early wage access to its customers.
