Pintek

Amid a struggle to boost revenue, eduloan startups in the country face public backlash and possible competition from the government’s loan program.

The digital credit platform has crossed US$100 million in sales and roughly US$1 billion in total loan disbursements, Tech in Asia has learned.

In The Top Up this week, we look at Lendable’s investments in Southeast Asia and analyze the focus shift of Indonesia’s Pintek.

Pintek’s website currently has no student loan services on its product list.

In the first half of 2021, Pintek’s loan volume saw a 5x surge compared to the same period last year.

Modal Rakyat, the loans unit of Payfazz, and education-focused fintech players Cicil and Pintek also received licenses.

The Indonesian startup said it aims to accelerate the penetration of educational financing and make learning in Indonesia more accessible. 

Accion Venture Lab is the sole investor in the round.

The fintech firm provides loans for students from kindergarten to postgraduate education.

The startup, which focuses on providing loans for education, plans to expand its team and offerings.