Pintek, a fintech platform providing credit to students, their families and education institutions in Indonesia, has secured an undisclosed amount in a fresh financing round led by Finch Capital.
Accion Venture Lab and several unnamed angel investors also joined the round.
As per a press note, the proceeds will be used for the expansion of Pintek’s product and tech team, as well as to educate the domestic market on education loans.
The latest deal brings the total money raised by Pintek to nearly US$5 million.
Started in 2018, Pintek aims to improve the access to investments in education in the archipelago by providing financial access to all communities and educational institutions and their suppliers.
To date, it claims to have partnered with more than 190 institutions in the K-12, vocational, higher education and non-formal segments, and has distributed credit to customers across more than 26 provinces in the country.
Pintek, owned and operated by SoCap, looks to grow ventures that facilitate cooperation, exchange and innovation for social impact in the region.
“During the pandemic, Pintek has seen strong growth, with revenues increasing 12x from January through September 2020 v/s the same period last year. Our significant growth validates our value proposition to be an enabler of the entire education ecosystem, financing students, education institutions and their suppliers,” said Ioann Fainsilber, CEO of SoCap.
“We have adapted our product portfolio to the needs of the sector during the pandemic by for example helping schools to finance investments needed to digitise and run effective online learning environments. We want to be one of the key enablers for the education sector in Indonesia and support the Indonesian government mission towards education 4.0,” he shared.
Also Read: How fintech is making credit more accessible for Southeast Asian SMEs
Hans De Back, Managing Partner of Finch Capital, said: “We expect Pintek to be the end-to-end solution for educational needs due to its business model for students, education institutions and their suppliers.”
Paolo Limcaoco, Southeast Asia Investment Officer at Accion Venture Lab, said, “Inclusive financial services are critical to ensuring that schools can provide high-quality education and students can access the education they need.”
—
Image Credit: Pintek
The post Pintek secures investment to help students, education institutions access loans in Indonesia appeared first on e27.