Education-centered fintech firm Pintek closes $21m debt facility deal

Indonesian fintech startup Pintek said it has raised a US$21 million debt facility from US-based private debt investor Accial Capital.

This comes around a month after the company announced it secured new funding in a round led by Finch Capital, with participation from existing investor Accion Venture Lab. Pintek’s total funds raised to date stands at US$5 million.

Photo credit: Pintek

Founded in 2018, the fintech platform provides loans for educational purposes, including K12, higher education, and vocational studies. Additionally, Pintek provides financial business solutions for educational institutions and their suppliers that aim to invest in infrastructure and technological tools.

With the new debt facility, Pintek and Accial Capital aim to accelerate the penetration of educational financing and make learning in Indonesia more accessible.

“This is an opportunity for us to fully support the Ministry of Education and Culture’s key program regarding the adoption of school digitization as an effort to prepare human resources to face the industry 4.0 era,” said Pintek co-founder and president director Tommy Yuwono.

See Also: Why ‘edfintech’ is ripe to thrive in Indonesia

The Indonesian firm is registered with and supervised by the country’s Financial Services Authority (OJK) since its year of establishment and has also registered with the Ministry of Communication and Informatics and is a member of the Indonesian Joint Funding Fintech Association (AFPI).

In May 2020, the company secured an undisclosed amount of funding as part of its pre-series A round. In 2019, the company said it also received pre-series A money in a round led by Rocket Internet-backed Global Founders Capital.