Indonesian fintech firm Pintek snags pre-series A money in Global Founders-led round

Pintek, an Indonesia-based fintech firm focused on providing loans for education, has received an undisclosed sum in a pre-series A round led by Rocket Internet-backed Global Founders Capital.

Photo credit: bady qb / Unsplash

The round, which also involved participation from existing investors Finch Capital and Amand Ventures, was received by SoCap, the parent company of Pintek, according to a DailySocial report. The two companies previously backed Pintek in its seed funding round, joined by Japan’s Strive.

Pintek specifically caters to those looking to acquire funds for educational purposes, which includes K-12, higher education, and vocational learning.

Since starting operations in 2018, Pintek has now worked with about 100 educational institutions and provided funding assistance in 22 provinces in Indonesia.

“Pintek has experienced explosive growth, especially since the funding round earlier this year. From May to October, our monthly users increased 20-fold with a default rate of under 1%,” said SoCap and Pintek co-founder Ioann Fainsilber, according to the report.

He also said that the company needs to bolster its team to meet customer demands and expand its offerings. It is aiming to double its technology and commercial teams in the next quarter, the co-founder added.

Fainsilber leads Pintek alongside co-founder and director Tommy Yuwono, who previously co-founded Ayopop and served as its chief digital officer.

Germany-based Global Founders Capital is a global venture fund that has founders from companies such as Lazada, Traveloka, Slack, LinkedIn, and Canva as part of its portfolio.

Its most recent deals in the region include a US$1.5 million pre-series A raise for Indonesian micro-warehousing firm Crewdible. It also recently led seed rounds for Jakarta-based agritech startup Eden Farm and Singapore streetwear marketplace Novelship.