PinjamWinWIn, the peer-to-peer (P2P) lending fintech company based in the second-largest city in Indonesia, Surabaya announced that it has raised funding from SOSV, a top 20 US venture capital fund, The number of investment made is undisclosed but sources that it is close to US$50 million.
With the funding, PinjamWinWin said it will continue providing around 190 million unbanked Indonesians with insurance-backed loans. The investment from SOSV will enable the company to scale its operations and work towards financial inclusion in Indonesia.
James Susanto, CEO of PinjamWinWin commented in an interview with Thailand Fintech News “The investment from SOSV will accelerate our growth and help us focus on gathering more lender funds with a special interest in institutional funds. These funds would be the ammunition used to further dominate the US$60 billion P2P lending market opportunity in Indonesia,”
PinjamWinWin is a fintech P2P lending company founded in 2015 by James Susanto, banking, mining, and trading veteran and an alumnus of the University of New South Wales, Australia. Its mobile app connects lenders and borrowers through its mobile app, offers a less than a day processing time with no collateral and great interest rates. The company claimed that the platform has been able to deliver short-term loans for small and medium-sized businesses.
PinjamWinWin recently graduated from SOSV’s Mobile Only Acclerator (MOX), an accelerator program that focusses on emerging markets such as Southeast Asia and South Asia. MOX which is operated by SOSV, a top 20 US VC fund (PitchBook)—has long been active in Indonesia’s startup ecosystem. The accelerator’s portfolio includes Achiko, a fintech provider for the unbanked, and ELSA, which raised funding from Google’s Gradient Ventures and recently announced its expansion into Indonesia.
PinjamWinWin finances personal loans of US$35-350 and invoice financing of US$3500-150.000. Through the platform, users also have the option of placing their funds and becoming lenders to enjoy a fixed annual interest of 12-48 per cent.
Recently, PinjamWinWin signed an insurance deal with an insurance company in Indonesia, making any funds placed guaranteed and secure.“Indonesia is still lacing a credit rating infrastructure. Farmers couldn’t get enough financing and middlemen would buy for low and sell for high. I witnessed all this firsthand and wanted to find a solution,” Susanto added. PinjamWinWin claims that it has successfully disbursed over US$9 million in loans.
PinjamWinWin is also planning to add more new financial services to its platform while expanding its client base with the new funds.