Heaptalk, Jakarta – On its sixth anniversary, Indonesia-based P2P lending platform, KoinWorks, launches the One Click to Unlock Your Dreams campaign (09/01). This new campaign is a part of KoinWork’s contribution to Indonesia’s MSMEs in achieving their financial targets in terms of business matters and personal finances.
During the Media Briefing occasion held in Jakarta, Chief Marketing Officer of Koinworks, Grace Hong, elaborated on this campaign, “The campaign aims to encourage our users to go after their dreams by granting the financial tools to get it. We understand that making financial decisions is an overwhelming thing for most people. Thus, we continue to innovate to support people on their goals for financial well-being. Koinworks will be their partner in developing digital marketing skills, growing their wealth, and starting a venture from scratch. We will become a strategic partner to realize our customers’ goals,”
With its incredible journey since its early presence in 2016, KoinWorks disclosed its accomplishment of obtaining 2 million customers, consisting of 1.5 million lenders and 500,000 registered MSMEs. This financial technology mobile app has proved its growth significantly by providing eight financial services for MSMEs management operations, personal economic development, education loans, and early wage access.
This platform has distributed capital worth $872 million to MSMEs across Indonesia from its innovative financing products. With this funding support, according to KoinWorks’s report, Indonesia’s MSMEs have succeeded in growing their businesses with monthly average revenue of $4,700.
“Our achievement is further proof for lenders that impact investing with KoinWorks has positive effects for their button lines and entire Indonesian economy. On this 6th anniversary momentum, we celebrate our robust improvement and the challenges we encountered through the years that have galvanized our team to make the dreams of a thriving MSME ecosystem come true,” CEO and Co-Founder of KoinWorks, Benedicto Haryono, said.
In early 2022, this P2P lending app received a series C funding round of $107 million. And in its capital utilization, Koinworks showcased its capability by providing financing access for MSMEs with the release of an integrated financial service for MSME business management, the KoinWorks NEO feature.
Building an MSME ecosystem
MSMEs are one of the essential pillars of the Indonesian economy, contributing to the nation’s GDP of more than 61%. However, they frequently have obstacles to growing their business, particularly regarding limited financing access. According to Bank Indonesia, only 30% of MSMEs access financing from the bank and non-bank loans. Through continuous development of fintech products, KoinWorks fully intends to minimize the gap with its mission to contribute to increasing financial inclusion and empowering MSMEs through capital.
“KoinWorks was created to simplify MSMEs in accessing financial tools. We listen to their needs carefully and look at other factors outside the MSMEs control that support their development. And this is where creating a healthy ecosystem for MSMEs comes in. Besides bringing financial solutions to MSMEs, KoinWorks adds value as our growth is also the result of helping everyone succeed with a robust MSME ecosystem,” added Ben.
Introducing a new financial tool, KoinP2P Grade S feature
Regardless of presenting the new campaign on its anniversary, KoinWorks introduces the latest feature KoinP2P Grade Special (Grade S), under the principal personal product KoinP2P. In collaboration with proven KoinWorks partners in managing their businesses. This app dispenses Grade S funding dedicated to the informal sectors, including salesmen, grocery stores, and wholesalers, to bolster the development of their businesses and increase social welfare.
“By establishing Grade S feature, we also aim to target our graduates MSEs that have been set up and possess potential ecosystem of becoming liaison partner to empower the next entrepreneur. While building this feature process, we realized that MSMEs are a business sector with a high risk of default. After researching further, we detect a niche segment within MSMEs with a high risk that can be lowered, namely, penetrating our trusted SME ecosystem that KoinWorks have powered.” affirmed Ben.
In the first stage, the company has determined the Grade S access devoted to the SMEs with their particular cases. Meanwhile, the funders will receive around 8% – 10% yearly return. According to Ben’s statement, his team will continue to provide a breaking-the-mold effect for the financial industry by delivering the real impact of investing with a safety return mission.
