Lightspeed backs $113m round of Indonesian crypto exchange

Pintu, an Indonesia-based crypto wallet and trading platform, has raised US$113 million in a series B funding round from Intudo Ventures, Lightspeed Venture Partners, Northstar Group, and Pantera Capital.

Pintu’s founders / Image credit: Pintu

Founded by Jeth Soetoyo in 2020, Pintu allows users to buy and store more than 50 crypto assets such as Bitcoin and Ethereum. It also offers staking through Pintu Staking, a savings feature called Pintu Earn, and a crypto education offering called Pintu Academy.

In a statement, the company said that its app has been downloaded more than four million times.

According to the Indonesian Commodity Futures Trading Regulatory Agency, there are over 12 million crypto traders in Indonesia, or around 4% of the country’s population. In contrast, there are only seven million public equity investors in the country.

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Pintu plans to use the fresh funding to add more crypto assets, roll out new features, and make new hires. At the end of last year, the firm had around 200 employees.

In August 2021, the firm raised US$35 million in a series A+ funding round led by Lightspeed Venture Partners.