Pintek Raises $7M Series A to grow its Education Fintech Ecosystem in Indonesia
Jakarta, 23 November 2021 – Pintek, an education fintech platform that provides innovative financial services to students, parents, education institutions, and education suppliers, announced today that it has successfully raised a US$7 million Series A round funding via its holding company Socap Holding Pte. Ltd.
This brings the total capital raised to more than US$35 million, to continue improving the access to education and livelihoods of unbanked / underbanked MSMEs in Indonesia. With this new funding, Pintek is taking strategic steps to maximize its contribution to the education ecosystem in Indonesia by hiring new talents to accelerate its product development, improve its technology platform, and strengthen its commercial reach.
New investors to the round include Kaizenvest, Heritas Capital, Blue7 and Earlsfield Capital. Existing investors Finch Capital, Global Founder Capital (GFC), Accion Venture Lab, Strive and Fox Ventures are also joining the round.
Ioann Fainsilber, Socap Holding Pte. Ltd. CEO & Pintek Co-Founder said “We want to continue to maximize our role in supporting the education sector in Indonesia. Our strong value proposition was validated by increasing our loan origination volume by more than 5-times in the first half of 2021 compared to the same period last year. Amid Covid-19, we focused on sustaining our capabilities to operate in various effective ways, which includes adapting our product portfolio, launching new solutions for education players, strengthening our capital structure, and expanding our reach throughout Indonesia. We want to be one of the key enablers to accelerate the penetration of education technology and embedded financial services products for inclusive and high-quality education in Indonesia.”
Since inception in 2018, Pintek and its affiliates have supported more than 2,750 education institutions and 100 education MSMEs to reach more than 650,000 students spread across 29 of 34 provinces in Indonesia and provide financial educational content to a community of 1,350,000 unique monthly visitors. Through its value-added technology and financial services, Pintek targets to impact 10 million customers in the ecosystem in the next five years.
Tommy Yuwono, Pintek Co-Founder and President Director said “Pintek sees an increasing demand in the education sector and wants to encourage the accessibility of financial services in Indonesia by serving the whole ecosystem. For this reason, we strive to provide solution-based, relevant, and accessible services for all students/parents, teachers, schools, and education supply SMEs.”
The ongoing Covid-19 pandemic has affected the education infrastructure and severely restricted education access in Indonesia. More than 68 million students had to study from home, and more than 642,000 educational institutions had their operations affected. The poor transition of education institutions to online learning and lack of digitization have become a significant challenge that affects teaching and learning activities, emphasizing the urgent need for innovative players such as Pintek to finance it.
Gaurav Jain, Principal at Kaizenvest said, “As an education-focused investment fund, we are very impressed by what Pintek has built in Indonesia within the past three years, combining social impact and innovative financial services for their customers. We are aiming to support the rapid digitalization of Indonesia’s education sector to ensure that high quality learning opportunities are available to a wider segment of the society in our endeavor to pursue learning for all. We are excited by our collaboration with Pintek as we believe the Company is developing a comprehensive solution that will have a multiplier effect in increasing access to quality for the entire education ecosystem.”
Charis Goh, Director at Heritas Capital added, “As a leading early-stage pan Asian impact investment fund, Heritas Capital is pleased to back Pintek in catalysing capital access to the underserved Indonesian education sector by providing solutions not only to students but also schools and suppliers, especially those impacted by the COVID-19 pandemic. Pintek’s tech-enabled ecosystem-funding approach enables credit data insight and superior lending decisions thereby driving a virtuous cycle of growth and impact resulting in enhanced access to education in Indonesia.”
“Pintek believes that education gives us the tools to improve our lives. It brings hope to families, surroundings, and drives economic growth.” said Ioann Fainsilber. “Through the collaboration, we strive to provide the best financial services for education and its whole ecosystem”.
 Data Sekretariat Nasional Satuan Pendidikan Aman Bencana, Kementerian Pendidikan dan Kebudayaan, pada publikasi “Menyiapkan Pembelajaran di Masa Pandemi: Tantangan dan Peluang”