Meet Startup @TW

Indonesian fintech startup PinjamWinWin jumps into gig economy with new app release


Hit by the coronavirus pandemic, tech companies around the world are laying off their workforce, but a startup has been recruiting gig workers for its new app.

PinjamWinWin, a fintech company based in Surabaya, Indonesia, is known for its P2P lending app that offers fast and easy loans to individuals and small businesses.

Founded in 2015, the startup has recently released a mobile app called Konek, whose users sign up to collect overdue payments for the company and earn extra income -- of up to Rp25 million (US$1,700) per month.

On PinjamWinWin, over 90% of the loans are repaid on time, founder and CEO James Susanto says. He regards the app as a great addition to make sure the lending platform is 100% secure and trustworthy for lenders.

How it works

With the app installed and their identity verified, a Konek user -- or agent, as Susanto calls them -- will match with a borrower who fails to repay the loan on time and then be sent to visit their place of residence to demand payment.

PinjamWinWin’s lending app collects user data, including home address, and every borrower has to grant the app access to their location data. Since it shares the data with Konek via backend services, an agent will only match with those who are physically close to them.

The borrower will be notified when an agent is on their way to visit them, Susanto explains. That’s why there are cases where borrowers repay their loan before someone knocks on their door or the minute when they see the notification.

On average, a visit takes around three to five minutes and ends with the two people taking a selfie to prove the visit has taken place.

In a broader sense, Susanto says sending people to visit the borrowers is a way to “ensure they stay connected with the lending platform.”

PinjamWinWin also tasks Konek users with meeting new borrowers face-to-face to verify their identity or to learn the reasons why they uninstall the lending app.

Susanto says his startup is the first in the world to roll out such service and is actively looking for new gig workers based in major Indonesian cities, including the capital Jakarta, where most of its funds are disbursed.

Promote loans for everyone

Last year, PinjamWinWin was accepted into Mobile Only Accelerator (MOX), a Taiwan-based accelerator that focuses on emerging markets such as Southeast Asia and South Asia. It also raised an undisclosed sum from SOSV, the VC firm that operates the program.

With the funding, the company says it will be able to provide insurance-backed loans for more unbanked Indonesians, who account for over half of the entire population, and also dominate the Indonesian P2P lending market valued at $60 billion.

PinjamWinWin’s lending app allows individuals and small businesses to apply for a Rp500 thousand ($34) to Rp5 million ($340) loan at a low interest rate. Powered by artificial intelligence, the KYC process takes less than a day.

As lenders, users enjoy a 12 to 48 percent annual interest rate.

Meanwhile, the company also offers business loans of up to Rp2 billion ($135 thousand) to larger companies, which are the main source of revenue for the company, Susanto says to e27. It has been profitable since 2017.

Following the success in Indonesia, Susanto says the startup seeks to expand into Thailand, India, and the Philippines with the goal of promoting financial inclusion in the developing world.


Bryan Chou

Bryan Chou is a Taiwan-based and born journalist who writes about innovation and entrepreneurship for Business Next and Meet. Over the past five years, he has written for a student press, translated numerous magazine pieces, and worked as an intern in two startups. He believes what shapes him into who he is today is not only these experiences but the people he has interacted with and the stories he has learned from them.

He has a BA in Foreign languages and literatures from NTU. After graduation, he spent a year in Prague, traveling extensively around Europe to learn about the history and culture of the region from local people. Currently based in Taipei, he hopes to present the best of Taiwan to the world.