{
  "id": 9667719,
  "title": "The KoinWorks era: What Indonesia’s SME lending journey has taught the next generation",
  "url": "https://urgent.news/2026/09/25/the-koinworks-era-what-indonesias-sme-lending-journey-has-taught-the",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T01:00:04.000Z",
  "source": {
    "name": "e27",
    "slug": "e27",
    "url": "https://e27.co/the-koinworks-era-what-indonesias-sme-lending-journey-has-taught-the-next-generation-20260916/"
  },
  "original_language": "en",
  "account": "Indonesia's SME lending landscape has evolved significantly since 2016, when peer-to-peer (P2P) lending platforms like KoinWorks, Investree, Modalku, and Akseleran emerged to address the credit gap faced by small and medium enterprises (SMEs). Originally designed to serve SMEs too small for traditional banking or too thin in documentation for conventional underwriting, these platforms built infrastructure for credit access that banks were not equipped to provide. KoinWorks, founded by Benedicto Haryono and Willy Arifin, was one such platform that focused on productive SME credit, alternative data underwriting, and controlled growth.\n\nHowever, the P2P lending sector has undergone major changes over the past five years. The number of OJK-licensed P2P lenders has dropped significantly, with the platforms that remain operating under tighter regulatory conditions and a more institutional funding mix. The platforms have shifted from being a retail marketplace to a credit origination intermediary, and their credit posture has become more similar to that of traditional non-bank lenders.\n\nAs someone who has closely observed this transition, I have identified six key lessons from the P2P lending era that are relevant for Indonesia's SME lending future:\n\n1. Discipline is more important than speed: The platforms that have survived have grown more slowly than the market expected, and those that could not maintain discipline have been licensed to operate. Discipline, rather than velocity, is the condition for sustainable growth.\n2. Funding mix is crucial for survival: Platforms with multiple institutional funding lines have more options and are less likely to face deadlines compared to those relying on a single funding source.\n3. Engagement with regulators compounds: Platforms that engaged with OJK before regulatory tightening received more flexibility when the rules became stricter. Building relationships with regulators is a valuable asset in the fintech industry.\n4. Alternative data is a hypothesis, not a verdict: Models built on novel data require extensive back-testing and continuous revision, rather than being considered proven from the outset.\n5. The SME credit gap is durable: Despite the emergence of P2P lending, the credit gap faced by SMEs is likely to persist due to the structure of Indonesia's banking system. Founders who focus on addressing this gap rather than getting attached to a specific model will be better positioned for the future.\n6. Consolidation cycles are expected: The 2022-2024 P2P shake-out was not a one-off, and similar cycles are likely to occur in the next five to seven years for other lending categories, such as embedded finance, vertical lenders, and supply-chain credit. Platforms that prepare for these cycles rather than treating the current one as the last will remain relevant in the long run.\n\nThese lessons highlight the importance of discipline, diversification, alignment with regulatory expectations, cautious approach to alternative data, and recognition of the ongoing credit gap in Indonesia's SME sector. As the industry moves forward, those who build well on these foundations will be better positioned to address the challenges and opportunities that lie ahead.",
  "summary": "Indonesia’s SME lending ecosystem looks different in 2026 than it did five years ago. The peer-to-peer lending sector that produced KoinWorks, Investree, Modalku, Akseleran, and dozens of others has consolidated. The number of OJK-licensed P2P lenders has fallen sharply since 2022. The platforms that remain — KoinWorks among the most prominent — operate inside a […] The post The KoinWorks era:…",
  "key_points": [
    "Discipline more important than speed in P2P lending growth",
    "Funding mix crucial for survival in regulatory environment",
    "Engaging with regulators compounds platform's survival"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}