Jakarta, Indonesia-based Fintech startup Pintek has raised an undisclosed amount in a funding round held in December 2020, led by Finch Capital. Other participants in the funding round include Accion Venture Lab and multiple angel investors.
The latest round brings the total money raised by Pintek to nearly US$ 5M.
The fresh funds will be used by the startup to increase the headcount of its product and tech team, and familiarize the domestic market with education loans, as stated by a press note.
Founded in 2018 by Ioann Fainsilber and Tommy Yuwono, Pintek is a financial technology startup that provides credit to students, their families and education organizations in Indonesia. It aims to make education accessible for everyone in Indonesia by providing financial access to all groups and educational institutions and their suppliers. The startup has to date partnered with more than 190 institutions in the K-12, vocational, higher education and non-formal segments. It has even dispensed loans to customers in more than 26 provinces in the nation. Pintek intends to develop ventures that enable cooperation, exchange and innovation for social impact in the region.
CEO Ioann Fainsilber said that during the COVID-19 pandemic, Pintek witnessed strong growth, with revenues increasing 12 folds from January through September 2020 as compared to the same period last year. He further added that the startup’s momentous growth authenticates its value proposition to be an enabler of the entire education network, funding students, education organizations and their suppliers. The team has created its product portfolio as per the needs of the sector during the pandemic, for example, helping schools to gather funds required to digitize and run effective online learning classes. He concluded by saying that they aspire to become one of the key enablers for the education sector in Indonesia and support the Indonesian government’s mission towards education 4.0.
About Finch Capital
Amsterdam-headquartered Finch Capital is an early-stage venture capital firm focusing on startups operating in Europe and Southeast Asia. It seeks to invest in FinTech and DeepTech domains across B2C, B2B and B2B2C businesses. It also invests in verticals that include marketplaces, security and online distribution models software.
Hans De Back, Managing Partner of Finch Capital was quoted to have said, “We expect Pintek to be the end-to-end solution for educational needs due to its business model for students, education institutions and their suppliers.”
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