Can Indonesian P2P lender KoinWorks survive its borrower default crisis?

Can Indonesian P2P lender KoinWorks survive its borrower default crisis?

KoinWorks co-founders Willy Arifin (left) and Benedicto Haryono.

Indonesian P2P lender KoinWorks is said to be in the throes of staying solvent amid a 365 billion rupiah ($22 million) borrower default, that may have thrown a wrench into its operations, multiple sources told DealStreetAsia.

While the company is looking to raise fresh capital to tide over the crisis, convincing investors will not be easy, which may even force a downround.

Edited by: Pramod Mathew