As a buy now pay later (BNPL) product launched in Q4 2022, KoinPaylater allows customers to obtain a loan limit of up to US$131,392.
Heaptalk, Jakarta — An Indonesia-based peer-to-peer lending platform, KoinWorks, has recorded total financing of Rp52 billion, approximately US$3.4 million (US$1 equals Rp15,224) for MSMEs through one of its services KoinPaylater during the first half of 2023.
KoinPaylater is one of the buy now pay later (BNPL) products launched in Q4 2022. This service allows customers to obtain a loan limit of up to Rp2 billion or around US$131,392 and a maximum tenor of 180 days (US$1 equals Rp15,201).
In more detail, the payment option through KoinPaylater allows users to access goods, raw materials, or business operations immediately and safely. The convenience offered in this service is aligned with the mission of the Ministry of Cooperatives and SMEs in digital transformation to make more MSMEs access digital services.
Currently, KoinPaylater features a fully digitalized application system for loans of up to Rp50 million. With the instant approval mechanism, users can apply for loan limits and receive approval on the same day. It is recorded that 80% of users have used this feature to support their business operations.
Covering several industry sectors
According to co-founder and CEO of KoinWorks Benedicto Haryono, financing through paylater products is a new opportunity to provide capital with a scheme that is increasingly relevant to the needs of MSMEs. “It is hoped that more and more business actors will use KoinPaylater to make their customers shop more comfortably, as well as better manage their business cash flow,” Benedicto said in a statement.
To date, KoinWorks partnered with a number of goods supplier partners, marketplace service providers, and B2B business people. A Tokban building materials marketplace is one of KoinPaylater’s partners. According to Tokban CEO Jordy Salim, his party can now facilitate users to obtain material needs without being constrained by initial capital through the Tokban Paylater service.
The KoinWorks BNPL service covers several industry sectors, such as pharmaceutical, construction, agriculture and fisheries, and FMCG. Further, KoinWorks also collaborates with one of the big players in the fashion industry and is committed to collaborating with more companies in various regions.
