Last year there has been a huge boom in consumer investment app funding in Southeast Asia. and if pinttoday’s funding announcement is something that looks set to continue. The cryptocurrency-focused app has raised $113 million Series B from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2022, Pintu bills itself as “the leading domestic crypto asset platform in Indonesia.” This is the startup’s third round of funding in just over a year. The first was a $6 million Series A announced in May 2021.and second just two months later, Series A+ funding was $35 million.. At the time, Pintu COO Andrew Ajiputro told TechCrunch that the company raised the A+ instead of moving to the B series because its focus on product development and execution remained the same.
Now, 10 months later, Pintu CMO Timothius Martin told TechCrunch that he has added more tokens, resulting in 66 new tokens available, with more every month. The app also added additional payment channel integrations; Pintu Staking, which allows users to stake their Pintu tokens; and Pintu Earn, a product that allows them to earn up to 15% Annual Percentage Yield (APY) on selected crypto assets that are billed hourly with no lockup period. Users can deposit or withdraw their Earn wallet at any time.
According to the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), the number of crypto investors in Indonesia has doubled over the past year to over 12 million traders compared to 7 million domestic equity investors. But with the penetration rate of crypto asset ownership among the population still only 4%, the Pinto team notes that it has a lot of room for growth. Pintu is registered and licensed by Bappepti.
The app is aimed at first-time cryptocurrency investors, primarily Gen Z and millennials, with features such as the Pintu Academy educational program. This allows them to invest in bitcoin, ethereum and other cryptocurrencies. The app currently has over four million installs, up from 500,000 in May 2021. The app also has communities with a total of 790,000 members on Telegram, Discord, Instagram, and TikTok.
The company will use its latest funding, which brought the total raised to around $156 million, to add more tokens, supported blockchains, and new products. It plans to expand its Pintu Academy program to, as they put it, “help traders understand both the opportunities and risks of cryptocurrency investing and promote healthier and more sustainable trading practices.” He will also complete an additional hire, having already doubled his team to 200 in 2021.
The pandemic spurred interest in retail investment last year, and as the pandemic subsides, Martin said: “We see that the market is now more mature compared to last year. Users are starting to make investment decisions based on use cases for crypto assets. For example, games are very popular in Indonesia, where there are over 100 million players in the country. This is driving significant growth in gaming and metaverse-related crypto assets as many see these projects as contributing to the future of gaming.”
In a prepared statement, Lightspeed partner Hemant Mohapatra said, “We are delighted to continue our journey with Pintu and welcome our new partner Northstar Group. Since our investment last August, Pintu has grown 5x to become the nation’s leading retail-focused crypto brokerage and has hired one of the strongest teams we’ve seen in this market. Cryptocurrency is becoming more and more popular all over the world and Pintu is building a generation company in this category.”
Credit: techcrunch.com /