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Case Studies

How KoinWorks Uses Journeys to Boost Sales Per Customer by 30%


Increase in Sales per Customer

The KoinWorks Story

Apps can be segregated into two broad categories — specialty apps and super apps. Specialty apps have a laser focus on solving a single problem, like a payments or ecommerce app. Super apps, on the other hand, are a closed ecosystem of apps that offer a seamless, integrated, and personalized experience. Super apps are a marketplace of services, aiming to solve a wide range of user problems.

KoinWorks, Indonesia’s first financial super app, offers the best of both worlds.

An alternative to traditional financing, KoinWorks is a peer-to-peer lending platform that connects investors with borrowers. With a user base of 750,000 users, mainly small and medium-sized enterprises (SMEs), they are the largest peer-to-peer (P2P) lending platform in Indonesia.

The super app bridges the gap in financial accessibility by providing investment and liabilities products under a single platform. Their extensive product portfolio includes loans for businesses, individuals, advance salary, AI-assisted thematic investing, and gold investments.


Lack of Real-Time Analytics

An app team’s success depends on how well they understand who their users are and what they do in the app. The lack of real-time analytics hampered the product and growth teams at KoinWorks from spotting vital trends and patterns in user behavior.

Increasing Transaction Success Rates

Optimizing the entire customer experience with automated campaigns would create a seamless and consistent brand experience. This would be crucial in reducing drop-offs across the app and boosting the transaction rates.

Need for Omnichannel Engagement

The marketing team needed to elevate user engagement by using both internal and external channels. This would help them improve key engagement metrics and connect with customers by sending the right message at the right time.


After evaluating multiple marketing automation vendors, the growth and product teams at KoinWorks ultimately chose CleverTap to build consistent brand experiences across digital touchpoints. Both Rachel Sugeha, Vice President of Growth, and Aditya Chintawar, Vice President of Product Management, have been relying on CleverTap to understand user behavior, successfully onboard new users, increase their assets under management (AUM), and improve upsells.

“As an integrated platform solving for user retention, CleverTap helps us gain a complete view of every user and helps us to find the most effective ways to influence customer behavior and increase product per customer,” says Sugeha. Integrating CleverTap with other platforms in their tech stack has been a seamless process, allowing them to easily execute their user engagement game plan.

At KoinWorks, growth is measured by the decrease in cost per active user, increase in AUM, and upsells. Further, the team keeps tabs on secondary metrics like uninstall rates, MAUs and DAUs, number of newly activated users, average engaged time, and acquisition channels.

Boards, Trends, Funnels, Dashboards, and Cohorts to Understand User Behavior

CleverTap’s real-time analytics helps them keep track of what’s happening in the app. “If we have a hypothesis like: when gold prices are increasing, then fewer people would be likely to invest in gold but the number of people who would like to sell gold will increase, we go about testing this hypothesis using CleverTap’s trends, funnels, and dashboards,” explains Chintawar.

Funnels help them understand how users navigate the app at various stages. If the product team modifies an existing product or releases a new app and they notice a break or leak in the funnel, they can easily investigate for any errors or bugs.

With cohorts, the team understands how different user groups behave over time. “Of all the people who are coming onto the platform, cohorts help us gain insights regarding which stage we’re seeing uninstalls happen and how users are behaving in the app at different stages of the lifecycle,” adds Chintawar.

Combining all of the analytical features available in CleverTap, the board is very useful for the Growth Team to monitoring the app performance and being alert if there’s an increase or drop, especially for conversion events.

Journeys to Influence Customer Decision at Every Stage of the Customer Lifecycle

For KoinWorks, journeys allow them to orchestrate a series of campaigns aligned to their goals. Some of their crucial journeys include:

  • Onboarding journey to greet new users and educate them about the product and app features. This is a combination of emails, push notifications, and in-app notifications used to build a two-week long journey. They have separate onboarding journeys for lenders and borrowers.

  • After the first active event (user has an investment or loan product), a 10-day long journey is devised to encourage lenders to turn on their auto-purchase feature.

  • For inactive lenders, a reactivation journey is created based on their account value in the app. The duration of this journey is 10 days.

  • To increase the order value and revenue, KoinWorks has an upsell journey built across emails and push notifications.

  • They also have a maturity reminder journey in place to remind users three days before their portfolio nears maturity.

Segmenting Users to Identify Key User Groups

Segmentation primarily happens at the acquisition stage, based on whether the user is a lender or a borrower. Users who take loans are designated as business users; those who invest are personal users.

Users are also segmented based on the persona of the product. “Not every user would invest in gold or want a loan, so this level of segmentation is very product-persona specific,” says Chintawar.

The third level of segmentation is based on user demographics like age, location, and device used. Next, users are segmented based on their interest for specific products based on their product viewed, average money invested in the platform, or the amount secured through loans to decide in which customer lifecycle stage are they in and enter them to the journey/campaign personalized for them.

Then, users are segmented based on their level of engagement. “Cart-to-checkout ratio is a key metric we track at this stage, which we segregate based on product,” explains Chintawar. “In the product team, we also use the RFM model to analyze the health of our user base and run campaigns to boost engagement for specific segments.”


Using CleverTap’s engagement and analytics features, KoinWorks has seen an incredible 70% decline in cost per active user. At the same time, they’ve seen a massive 300% boost in AUM (asset under management) and have increased sales per customer by 30%.

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