About KoinWorks

KoinWorks is Indonesia’s first Super Financial App with over 1.5 million users to date. It impacts improvements in financial inclusion in both retail consumers and SMEs by being the #1 financial capital provider to digital and eCommerce merchants in Indonesia. They have launched Indonesia’s first SME Neobank to drive the digitization of SMEs who have been underserved and underbanked for ages.

Founded in 2016, KoinWorks is backed by some of the world’s top Fintech investors, including East Ventures, Quona Capital, and Saison Capital, to support its vision for revolutionizing the financial services ecosystem for Indonesian SMEs.

Challenges:

1. KoinWorks had invested in a plethora of software tools to manage their daily workflows across all departments. However, this massive software influx led to difficulty in supervising the utilization, security, and implementation of these tools. Additionally, this led to an inflated SaaS library with a few SaaS subscriptions being unused and redundant.

2. While scaling up, the majority of the early-stage startups are unable to entirely offboard the users from the applications after the users leave the organization. This is majorly due to the lack of single view visibility of tools, services & data access, etc. with the HR for taking necessary action. This is a significant risk that could lead the business to security breaches.

3. The majority of the modern SaaS contracts are digital. Hence keeping track of app owner, app usage, expenses & payments in a centralized manner is always a crucial challenge. 

Outcomes:

1. Koinworks was able to map all the critical SaaS tools running in their organization in a matter of a few minutes and in a single view centralized dashboard.  The dashboard helped to track the apps, owners, users, usage statistics & most importantly the security statistics. The threat level could be assessed and addressed on a case-by-case basis.

2. Underutilized SaaS tools could be identified at a user level leading to immediate subscription savings. Zluri enabled Koinworks to save around $40K through discarding redundant app spends, optimizing apps, and automating manual workflows. Zluri also saved Koinworks 1900 person-hours by automating 80% of its software management process.

3. Overall, Zluri provided Koinworks with upwards of $400K through direct and indirect savings.

After a couple of months of usage, the majority of the known & unknown issues got identified & resolved. The Koinworks team was certainly happy with their overall investment made with Zluri. In their words, Zluri is the “Operating System For Software”