Pintek, a Jakarta-based FinTech firm focused on the education sector, has raised $7 million as a part of its Series A funding round led by Kaizenvest and Heritas Capital.
Existing investors including Finch Capital, Global Founder Capital, Accion Venture Lab, Strive, and Fox Ventures, and others like Blue7 and Earlsfield Capital also participated in the round.
Pintek plans to use the fresh funding to hire more employees as part of the effort to accelerate product development, improve its technology platform, and strengthen its commercial reach across Indonesia.
Founded in 2018 by Ioann Fainsilber and Tommy Yuwono, Pintek engages in providing financial access to all communities and educational institutions and their suppliers regarding the needs of education in Indonesia. The platform serves all educational expenses from kindergarten and high school to university, post-graduate, and vocational training programs.
Pintek is on a mission to enable students of all levels of education by providing affordable loans to them and their families. Its innovative tech platform and deep partnerships with institutions ensure the affordability of the loans. Besides offering loans to students and their parents, the platform also offers financial business solutions to educational institutions and their suppliers.
The company is also registered with the Ministry of Communication and Informatics and is a member of AFPI (The Indonesian Joint Funding Fintech Association). Pintek has disbursed loans to over 2,750 educational institutions, and it has reached over 650,000 students.
Earlier this year, Pintek had raised a $21 million debt facility from US-based private debt investor Accial Capital. Prior to that, the company had raised $5 million in a funding round led by Finch Capital, with participation from existing investor Accion Venture Lab, in December 2020. The startup's latest funding brings its total equity and debt funding since inception to over $35 million.