Final yr noticed an enormous funding increase for Southeast Asian client funding apps and if Pintu’s funding announcement right now is something to go by, that appears set to proceed. The cryptocurrency-focused app has raised a $113 million Collection B from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2020, Pintu payments itself as “Indonesia’s main homegrown crypto belongings platform.” That is the third spherical of funding the startup has landed in little over a yr. The primary was a $6 million Collection A introduced in Could 2021, and the second was $35 million in Collection A+ funding simply two months later. On the time, Pintu chief working officer Andrew Adjiputro advised TechCrunch that it raised an A+ as an alternative of transferring onto a Collection B as a result of its give attention to product improvement and execution remained the identical.
Now 10 months later, Pintu chief advertising officer Timothius Martin tells TechCrunch that it has added extra tokens, making extra a complete of 66 accessible, with extra added every month. The app additionally added further cost channel integrations; Pintu Staking, which lets customers stake their Pintu Token; and Pintu Earn, a product that permits them to earn an as much as a 15% annual proportion yield (APY) on chosen crypto belongings that are paid hourly with no lock-up interval. Customers can top-up or withdraw their Earn pockets at any time.
Based on knowledge from the Indonesian Commodity Futures Buying and selling Regulatory Company (Bappepti), the variety of crypto buyers in Indonesia doubled over the previous yr to greater than 12 million merchants, in comparison with 7 million home public fairness buyers. However since crypto asset possession nonetheless solely has a 4% penetration charge among the many inhabitants, Pintu’s workforce notes that it has loads of room to develop. Pintu is registered and licensed by Bappepti.
The app is geared towards first-time cryptocurrency buyers, primarily Gen Z and millennials with options like Pintu Academy, an academic program. It lets them put money into Bitcoin, Ethereum and different cryptocurrencies. It at present says over 4 million individuals have put in the app, up from 500,000 in Could 2021. The app additionally has communities with a complete of 790,000 members throughout Telegram, Discord, Instagram and TikTok.
The corporate will use its newest funding, which brings its whole raised to about $156 million, so as to add extra tokens and supported blockchains and new merchandise. It plans to increase its Pintu Academy program to, because it they put it, “assist merchants perceive each the alternatives and dangers of crypto investing and promote more healthy and sustainable buying and selling practices.” It’s going to additionally carry out further hiring, having already doubled its workforce to 200 in 2021.
The pandemic spurred curiosity in retail funding final yr, and because the pandemic subsides, Martin mentioned “we see that the market is extra mature now in comparison with final yr. Customers are beginning to make funding selections primarily based on the use-cases of the crypto belongings. For instance, gaming is a giant factor in Indonesia with over 100 million players within the nation. This spurs vital progress in gaming and metaverse-related crypto belongings, as many imagine that these tasks are contributing to the way forward for gaming.”
In a ready assertion, Lightspeed associate Hemant Mohapatra mentioned, “We’re excited to proceed our journey with Pintu and to welcome our new associate Northstar Group. Since our funding in August final yr, Pintu has scaled 5x to turn out to be the nation’s main retail targeted crypto brokerage, and employed one of many strongest groups we’ve seen on this market. The crypto wave is getting into mainstream adoption globally and Pintu is constructing a generational firm on this class.”