1. Startups

Finch Capital Leads Pintek's Continued Funding

The total funding raised so far has reached 70 billion Rupiah

Platform p2p loans education specialist Pintek announced an undisclosed amount of funding led by Finch Capital. Accion Venture Lab, previous investor in pre-Series A participate in this round. There are several other investors involved, but not named.

It is said that with this round, the total funding obtained by Pintek so far has reached $5 million (more than 70 billion Rupiah). The fresh funds will be used to develop products and technology, as well as to continue education so that the Indonesian people are familiar with education loans.

Pintek Co-Founder and CEO of SoCap, Ioann Fainsilber said, during the Covid-19 pandemic, Pintek's services experienced strong growth with revenues increasing up to 12 times from the beginning of the year to September 2020, compared to the same period last year.

According to him, this growth validates the company's proposition to drive the entire education ecosystem, finance students, educational institutions, and suppliers of educational needs. "We have also adapted Pintek services to needs during the pandemic, such as helping schools to finance the needs of digitizing and running a learning environment" online effective," said Fainsilber in an official statement, Tuesday (1/12).

Fainsilber continued, collaboration with investors such as Finch Capital and Accion Venture Lab will enable companies to develop teams, build platforms that provide smart financial solutions for better education, and enable inclusive and high-quality education for all Indonesians.

Managing Partner of Finch Capital Hans De Back also shared his statement, “We expect Pintek to be a comprehensive solution for all needs from students, educational institutions, to companies that supply other educational needs. We are very pleased to have supported Pintek since its first term and are now moving towards the next phase of growth,” he said.

Finch Capital's portfolio in Indonesia, apart from investing in Pintek, they also invest in Jojonomics, TADA, and Halofina. Previously, Finch Capital and Telkom created a new managed fund Arise Fund with a target fund of $40 million (approximately 565 billion Rupiah). Fund This is intended to bridge the gap solution in post-seed up to series A.

Instant Pintek Service

Pintek is owned by SoCap, a company focused on growing businesses that facilitate collaboration, exchange and innovation for social impact in a country. This company has been around since 2018 and is registered with AFPI as a member.

In this pandemic, companies released Pintek Instant which is version upgrade from Pintek Students. This product is able to do credit approval in one hour. However, the credit limit that can be applied for is IDR 5 million with a choice of 30-day and 90-day tenors, and 2,19% interest (specifically for a 90-day tenor).

In a press conference held by the company some time ago, the education sector was deeply affected by the prolonged Covid-19 outbreak. The first is the increasing unemployment rate and the declining income of most people.

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On the other hand, around 69 million students have lost access to education during this pandemic, only 40% of the Indonesian population has internet access. Educational institutions are also automatically affected because they need funds to digitize teaching and learning activities.

To date, the company has collaborated with more than 80 formal and non-formal educational institutions through Pintek Institutions and Pintek Students products. The total education financing that has been disbursed has reached more than 70 billion Rupiah to more than 100 institutions and 3 thousand students spread across 26 provinces in Indonesia.

In addition to Pintek, in Indonesia there is also some similar services such as Danadidik, Cicil, to KoinPintar from Koinworks.

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