Indonesia’s Peer to Peer (P2P) Fintech Lending KoinWorks announced its Series B fundraise of US$16.5 million (Rp170 billion). The oversubscribed round was co-led by EV Growth and Quona Capital, with participation from existing investors.

The new funding will be used to expand the KoinWorks team and partnerships, and further develop systems and technology to provide financial inclusion throughout Indonesia with its popular one platform.

KoinWorks brings together borrowers and lenders online through a single platform that provides access to financial services for small and medium enterprises (SMEs) who have historically been un- or underbanked by traditional financial institutions.

Leveraging machine learning, KoinWorks enables borrowers to access low-interest loans while funders receive better returns. Available products include business financing and invoice financing.

Today more than 60% of investor-funders in KoinWorks’ platform are millennials, and 70% of investors say KoinWorks is their first investment product.