Indonesia's KoinWorks raises $12 million to grow its P2P SME lending platform

KoinWorks, an Indonesian startup that helps small and medium-sized businesses secure financial services through its online peer-to-peer platform, has raised $16.5 million SGD ($12 million USD) in a new funding round as money continues to flow in what has become a hot space for investors. The Series B round for the three-year-old startup was led by EV Growth and Quona Capital . Existing investors -- Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital -- also participated in the round, the startup said in a statement.