December 1, 2020, Jakarta, Indonesia – Pintek, a fintech platform that provides credit to students and their families, education institutions, successfully raised funds to continue to improve the access to and investments in education in Indonesia. The investment was led by Finch Capital, with participation of Accion Venture Lab and other angels. This brings to total the amount of equity raised by Pintek to close USD $5M. The proceeds from the round will be used toward investments in further developing its product and technology teams as well as to educate Indonesian market about education loans.
“During the pandemic COVID-19 outbreak, Pintek has seen strong growth, with revenues increasing 12x from January through September 2020 versus the same period last year. Our significant growth validates our value proposition to be an enabler of the entire education ecosystem, financing students, education institutions and their suppliers. We have adapted our product portfolio to the needs of the sector during the pandemic by for example helping schools to finance investments needed to digitise and run effective online learning environments. We want to be one of the key enablers for the education sector in Indonesia and support the Indonesian government mission towards education 4.0,” said Ioann Fainsilber, SoCap CEO & Pintek Co-founder.
Pintek is a financial technology company that has a mission to become the key driver in education transformation through innovation in financial services. Since 2018, Pintek has partnered with more than 150 institutions in the education market (including K-12, Vocational, Higher Education, and Non-formal) and has distributed credit to customers spread across more than 26 provinces in Indonesia.
“Finch Capital is delighted to be the lead investor in this round, a commitment made on the strength of Pintek’s clear vision for the education sector, which is a large addressable market. 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. We are excited to have supported Pintek since its first funding round and now embark on its next phase of growth” said Hans De Back, Managing Partner of Finch Capital.
Tommy Yuwono, Co-founder and President Director of Pintek said, “With the mission of President Joko Widodo’s ‘Golden Indonesia 2045’ program, the country has affirmed that improving its education system is a national priority. Pintek wants to do our part to help improve the quality and affordability of education in Indonesia. Through partnerships with formal and non-formal education institutions, education technology companies, education suppliers, government, and foundations, we can help ensure that every student in Indonesia can access a high-quality education.
Paolo Limcaoco, Southeast Asia Investment Officer at Accion Venture Lab, said, “Inclusive financial services are critical to ensuring that schools can provide high-quality education and students can access the education they need. At Accion Venture Lab, we are impressed with how Pintek has responded to the pandemic and developed new products to better support their customers during these difficult times. We are excited to continue to support Pintek in their mission to create a more inclusive financial system for Indonesia’s families and schools.”
By partnering with investors like Finch Capital and Accion Venture Lab, Pintek has the support to grow its team and build a platform that delivers smart financial solutions for better education, while enabling inclusive and high-quality education for all Indonesians.
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About Pintek
Pintek is a financial technology company that has a mission to become the key driver in education transformation through innovation in financial services. Registered with and supervised by OJK (the Financial Service Authority) since 2018, Pintek engages in providing financial access to all communities and educational institutions and their suppliers regarding the needs of education in Indonesia. Pintek is also registered with the Ministry of Communication and Informatics and is a member of AFPI (The Indonesian Joint Funding Fintech Association).
Pintek is owned by SoCap, a company that aims to grow ventures that facilitate cooperation, exchange, and innovation for social impact in the region.
About Finch Capital
Finch Capital is a thematic venture capital investor focusing on early stage technology companies. Finch has four offices in Amsterdam, London, Singapore and Jakarta, out of which it supports bold entrepreneurs transforming the technology industry. Finch has made over 25 investments in leading technology businesses – Fintech, AI, Logistics, Education, Digital healthcare – across Europe and South East Asia.
About Accion Venture Lab
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit https://www.accion.org/venturelab.
Details and information, please contact:
Fajar Kurniawan
Public Relations, Pintek
+62 857 1459 7924
Fajar.Kurniawan@pintek.id
