Existing and new investors including Global Founder Capital, Finch Capital, Strive, Fox Ventures, and Action Venture Lab along with Earlsfield Capital and Blue7 also participated in the funding round.
With the fresh funding, Pintek plans to expand its team to accelerate its product development, broaden its commercial reach, and enhance the platform.
This funding round comes in less than one year when the startup raised a US$21 million debt facility from a US-based impact-focused private debt investor, Accia Capital.
Pintek aims to improve livelihood and access to education of under-banked/unbanked MSMEs in the country. The startup has set a goal to impact ten million consumers within the next 5 years, thus maximizing its contribution to Indonesia’s education ecosystem.
“We want to be one of the key enablers to accelerating the penetration of education technology and embedded financial services products for inclusive and high-quality education in Indonesia,” said Ioann Fainsilber, CEO at Socap and co-founder at Pintek.
“Pintek’s tech-enabled ecosystem-funding approach enables credit data insight and superior lending decisions, thereby driving a virtuous cycle of growth and impact resulting in enhanced access to education in Indonesia,” said Charis Goh, director at Heritas Capital.
Pintek founded in 2018 by Ioann Fainsilber and Tommy Yuwon focuses on democratizing access to education in Indonesia through affordable and flexible credit.
The startup supplies revolutionary financial services to educational institutions, education suppliers, parents, and students. To date, Pintek claims to have supported 100 education MSMEs, over 2,750 education institutions to reach more than 650,000 students across 29 provinces in the country.
Besides that, the startup along with its affiliates also offer financial education content to a community of 1,350,000 unique monthly visitors.
According to the government data, in 2020, when the country was grappling with the pandemic, the closures of education institutions affected more than 60 million students. Since then only 39 percent of schools have reopened with limited operations. As a result, innovative players like Pintek have made their mark in supporting the online education sector with dependable and easy-to-access financing options.