We have seen a constant and steady growth when it comes to innovations in the fintech space over the last few years, but the radical shift in market sensibilities brought about by recent events have certainly accelerated this. With the need for digitalization emerging out of virtually every aspect of work and life, the fintech space has stepped up in order to meet today’s unique demands.
With digitalization taking on an increasingly important role in society, fintechs have seen not only an increase in relevance and value, but is also under pressure to push for rapid adoption and accessibility. The goal, of course, is for the fintech space to penetrate as many markets as possible in order for them to be able to help bridge gaps, provide solutions, and further address the increasing need for seamless and tech-driven systems in as many sectors as possible.
As such, Indonesian FinTech KoinWorks is following the footsteps of NEO startups around the world like Starling, Monzo, and Revolut who have hit the limelight by providing instant digital bank accounts, debit, and credit cards.
Increased adoption rate for better accessibility
KoinWorks, which already has Indonesia’s largest user base of over 750,000 users according to OJK statistics, has been busy pre-registering early adopters for its upcoming SMEs new product, KoinWorks NEO. Unsurprisingly, 100,000 eager SMEs have signed up in less than 4 months since the program started.
Indonesia, with approximately 65 million personal businesses, is one of the largest markets in the world. Combine that with KoinWorks’ expertise in lending to digital SMEs and you can see why there is already a huge demand for their product. Equipped with an innovation mentality and agile approach, KoinWorks has built a variety of products, catering to SMEs on their growth journey. Ranging from a simple education centre to kick off SMEs’ entrepreneurship, access to working capital, and potentially as wild as fast click legal services.
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KoinWorks’ Multiple Products are stacked into one app, tagged as an SME Super Financial App. The new addition, KoinWorks NEO, will allow its SME customers to receive payments from multiple sources such as e-money (like GoPay, OVO, and ShopeePay), VISA, Mastercard, Amex, and JCB. Another highlight when it comes to KoinWorks NEO features allows SMEs to consolidate their multiple bank accounts using optical character recognition and machine learning into digestible reports for entrepreneurs to make sound business decisions. All of these products will allow KoinWorks’ SME customers to be more focused on growing their business, knowing KoinWorks will be there to hold their fort.
A proven leader in the fintech space
KoinWorks is a Super Financial App that won the 2019 Asian Banker Financial Innovation Award for the Loan Category, Top 5 VISA finalists in the VISA Everywhere Initiative, winner of the IDC DX Awards Indonesia 2020 in the Digital Disruptor category, and Top Fintech Startup Soonicorn Award 2020 by Traxcn as a fintech with the potential to become a unicorn. KoinWorks offers a variety of financial products where users can manage assets and loans through one platform/application. It is a breakthrough in the evolution of financial technology by making a commitment to providing the best financial solutions that are accessible and affordable for everyone into the company’s DNA.
Proven as a consistent winner, KoinWorks has been cash-flow positive throughout 2021. Their flagship products, KoinBiz & KoinInvoice, loans to SMEs, have grown to record high disbursements last month, plus the combination of strong take rate and low NPL (<1.5%) pushes revenue growth for KoinWorks up 42% Quarter on Quarter. Another one of their Q4’ 2020 product releases, KoinGaji, an Early Wage Access (EWA) solution for SMEs, has also hit strong adoption rates with 400% growth in the last 2 months. KoinGaji is expected to hit another major milestone of 10.000 employees in their ecosystem in the coming months.
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“SMEs in Indonesia will see KoinWorks App as their personal secretary. The availability of services and ease of access will only help SMEs to accelerate. SMEs are Indonesia’s pillar of economy and KoinWorks is right in line with Indonesia’s GDP growth mission.” said Willy Arifin, Executive Chairman & Co-Founder of KoinWorks.
Helping bridge gaps and develop solutions
With its increased market penetration allowing more users to seamlessly access their slew of products and services, KoinWorks hopes to sustain and even further its mission of empowering local businesses.
As a leader in the fintech space, the company is poised to further strengthen and develop their services in order to meet society’s growing demands while uplifting the very sectors that need them the most. Having already pre-signed 100,000 SME customers for Its upcoming KoinWorks NEO product, KoinWorks asserts its position as a major player in the global fintech space, championing the best interest of all major stakeholders and beyond.
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