The Accion Frontier Inclusion Fund, managed by Quona Capital, has announced an investment in Koinworks, an Indonesian peer-to-peer lending platform for small to medium enterprises. Quona is a venture capital firm focused on fintech for inclusion in emerging markets.
Koinworks’ undisclosed series A+ funding marks Quona’s first investment in Indonesia.
The two companies want to help millions of underserved Indonesians access and afford financial services. According to Global Findex database 2017, 33 percent of Indonesia’s population remains unbanked.