Benedicto Haryono co-founded KoinWorks in 2016 with Willy Arifin. The company began as a peer-to-peer lending platform in Jakarta and competed with Investree, Modalku, Amartha and Kredivo.
In 2018 KoinWorks closed a Series A led by Mandiri Capital Indonesia, with Gunung Sewu and Convergence Ventures. Quona Capital then backed a Series A+, and a Series B followed in 2019. A later round brought in Saison Capital and Credit Saison.
In January 2022 KoinWorks raised a $108 million Series C led by MDI Ventures, the venture arm of Telkom. The money was meant to build a neobank for small businesses, a step beyond its lending roots.
Haryono took the CEO role and Arifin became executive chairman.