There has been a huge funding boom for Southeast Asian consumer investment apps over the past year, and if Pintu’s funding announcement today is to be believed, it looks set to continue. The cryptocurrency-focused app has raised $113 million in Series B funding from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2020, Pintu bills itself as “Indonesia’s leading native crypto asset platform”. This is the third round of funding the startup has landed in just over a year. The first was a $6 million Series A funding announced in May 2021, and the second was a $35 million Series A+ funding just two months later. At the time, Pintu’s chief operating officer, Andrew Adjiputro, told TechCrunch that it raised an A+ rather than moving to a Series B because the focus on product development and execution remained unchanged.
Now, 10 months later, Pintu’s Chief Marketing Officer, Timothius Martin, tells TechCrunch that more tokens have been added, making a total of 66 available, with more being added every month. The app also added additional payment channel integrations; Pintu Staking, which allows users to stake their Pintu token; and Pintu Earn, a product that allows them to earn an annual percentage return (APY) of up to 15% on select crypto assets paid hourly with no lockup period. Users can fund or withdraw their Earn wallet at any time.
According to the Indonesian Commodity Futures Trading Regulator (Bappepti), the number of crypto investors in Indonesia has doubled to more than 12 million traders over the past year, compared to 7 million domestic public equity investors. However, with crypto asset ownership still only having a 4% penetration rate among the population, Pintu’s team notes that there is plenty of room to grow. Pintu is registered and licensed by Bappepti.
The app caters to first-time investors in cryptocurrency, primarily Gen Z and Millennials, with features like Pintu Academy, an educational program. With it, you can invest in Bitcoin, Ethereum and other cryptocurrencies. Currently, over four million people have installed the app, up from 500,000 in May 2021. The app also has communities totaling 790,000 members across Telegram, Discord, Instagram and TikTok.
The company will use its recent funding, which brings its total proceeds to approximately $156 million, to add more tokens and 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 crypto investing and promote healthier and more sustainable trading practices.” It will also make additional hires, having already doubled its team to 200 in 2021.
The pandemic has spurred interest in retail investment over the past year and as the pandemic subsides, Martin said: “We see the market is more mature now than it was last year. Users are starting to make investment decisions based on the use cases of the crypto assets. For example, gaming is a big deal in Indonesia with over 100 million players in the country. This is spurring significant growth in gaming and Metaverse-related crypto assets as many believe these projects will contribute to the future of gaming.”
In a prepared statement, Lightspeed partner Hemant Mohapatra said, “We are excited to continue our journey with Pintu and to welcome our new partner, Northstar Group. Since our investment in August of last year, Pintu has quintupled to become the nation’s leading retail-focused crypto broker, hiring one of the strongest teams we’ve seen in this market. The crypto wave is entering the mainstream globally and Pintu is building a generational company in this category.”