Pintek to help more Indonesians access education after Series A close

Pintek, a FinTech company which aims to help boost access to education in Indonesia through credit, has collected $7m in its Series A round.

The round was backed by Kaizenvest, Heritas Capital, Blue7, and Earlsfield Capital. Existing investors Finch Capital, Global Founder Capital, Accion Venture Lab, Strive and Fox Ventures.

With the close of the round, the company has raised a total of $35m in equity. The fresh capital will help Pintek hire new talent to support the expansion of its product development, improve its technology and bolster the commercial reach.

Since it was founded in 2018, the platform has helped 2,750 education institutions and 100 education MSMEs reach over 650,000 students across Indonesia. It hopes to have helped ten million customers in the next five years.

The FinTech company provides students in Indonesia with affordable and flexible credit to access education.

Pintek co-founder Ioann Fainsilber 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.”

The company was raised through its holding company Socap Holding.

FinTech is growing in Indonesia. Earlier this year, investment app Ajaib became the country’s fastest unicorn by reaching the milestone in two and a half years.

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