Pintek, Indonesia-based fintech platform that provides credit to consumers and education institutions, announces that it has raised pre-Series A funding led by Global Founders Capital (GFC). The fund was received by SoCap, Pintek’s parent company.
Finch Capital and Amand Ventures also participated in the round. Previously, Finch Capital and Amand Ventures had invested in Pintek’s seed funding together with Japan-based venture capital firm, Strive.
The company said that it plans to use the funding to “drive technological and financial innovation needed to support Indonesia’s education sector to achieve international standards for the country’s economic development”.
SoCap & Pintek Co-founder and CEO, Ioann Fainsilber, noted that Pintek will use the proceeds from the round to expand its technology platform and scale its commercial team.
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SoCap, Pintek’s parent company that receives the investment, aims to grow ventures facilitating cooperation, exchange, and innovation for social impact in the region. GFC is a seed and growth investor that has backed entrepreneurs worldwide such as those behind Facebook, LinkedIn, Slack, Traveloka, Canva, and HelloFresh.
Tito Costa, Partner at GFC said; ”We look forward to working with Pintek’s team in their mission to provide better access to education to millions of Indonesians. The team has identified a unique, holistic approach to education financing, working in partnership with educational institutions. We are excited to support the company’s new phase of growth.”
“In line with President Jokowi’s vision to reform & improve the country’s quality of education, we find it equally important for education to be financially inclusive and accessible for all Indonesians,” said Hans De Back, Managing Partner at Finch Capital.
Established in 2018, Pintek aims to democratise access to education in Indonesia through affordable and flexible credit to consumers and institutions across the education sector. By servicing the entire education market (including K-12, Vocational, Higher Education, and nonformal), Pintek believes it can essentially service students throughout their education journey.
SoCap & Pintek COO and Co-Founder, Tommy Yuwono, stated that Pintek is keen to collaborate with the Indonesian government and wider stakeholders in helping schools and vocational institutions improve their education infrastructure and management.
“We are excited to learn that Nadiem Makarim’s Education and Culture Ministry is placing a big focus on technology and making human capital development one of its key priorities for the next 5 years. We believe Pintek can directly contribute to Indonesia’s efforts in improving its education standards and overcome its current skills gap,” Yuwono said.
Pintek claimed that it has partnered with payment infrastructure, education technology, education suppliers, government, and foundations, and has already disbursed loans to customers in 22 provinces in Indonesia. More than half of Pintek’s borrowers were first-time borrowers, showing that consumers are willing to borrow from financial institutions to pursue better education.
Next, the company plans to launch its Syariah product next quarter.
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