Pintek Gets Continued Funding from Accion Venture Lab

Pintek as a startup p2p loans which focuses on providing education loans recently secured additional funding in its pre-series A phase. Accion Venture Lab is participating as a new investor, for an undisclosed amount. Previously this round had started on end of 2019 then, involving Global Founders Capital.

To DailySocial, Pintek Co-Founder Tommy Yuwono said that this additional fund would be focused on developing a technology system, with the mission of supporting the education industry in Indonesia that was affected by Covid-19.

“There is a clear need for education financing in Indonesia; Pintek's uniqueness, strong leadership and growth potential make them the ideal partner to meet that need. We are very impressed with their quick response to the pandemic, finding new ways to help customers during this difficult time. We are excited to add him to the Venture Lab portfolio," said Accion Venture Lab Managing Director, Vikas Raj in an official release.

In the midst of this pandemic, Pintek had time to conduct a survey of families and schools to explore the impact they felt. Then there was a need to make the transition to distance education. From there Pintek cooperates with startups EdTech to provide schools with financing and access to platforms that support these activities. Also helping teachers who have financial issues in the midst of this disaster.

As previously known, since it started in 2018, Pintek has provided education loan with a maximum loan term of 12 months and a flat interest rate of 1,5% per month. To date, the company has collected a total accumulated loan of 54,9 billion Rupiah with the number of borrowers reaching 2506 people.

In this business landscape, Pintek is not alone. There are already a few fintech which also targets the education sector, including Dana Cita, DANAdidik, EiduPay, and KoinWorks.