Indonesia is still low, it’s growing quickly because of a confluence of factors, including people’s desire to diversify and increase their assets during the pandemic.
For many of Pintu’s users, the app was their first introduction to investing instead of stocks, Adjiputro said. The company recently surveyed current users, asking about the top five asset classes they invest in. Crypto came in third after mutual funds and digital gold, and before stocks at number four.
The preference for crypto over stocks is echoed in figures released by the Indonesian Ministry of Trade, which showed that as of June 2021, there were over 6.5 million crypto investors in Indonesia, or about triple the 2.2 million public equity investors in the country.
Pintu is a licensed crypto broker under the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI).
At first, many people were dubious that a country-specific fund focused on early-stage Indonesian companies would take off, especially since Yip and Chan wanted to build a small portfolio and work closely with startups.
Then in 2019, Intudo closed its $50 million second fund with LPs including Founders Fund, which Chan said helped validate its mission. Portfolio companies from its first two funds include Pintu, TaniHub Group and Gredu.
At the beginning, “when we said we were going to raise $10 million, we got laughed out of the room by many managers, but four years into it, we’re running roughly $200 million dollars,” he told TechCrunch.
Founded last year by Jeth Soetoyo to make it easier for first-time investors to purchase Bitcoin, Ethereum and other cryptocurrencies, Pintu is registered under Bappebti and the Ministry of Communication and Informatics as a licensed cryptoassets broker.
A wave of interest in capital investing during the COVID-19 pandemic, especially among millennials who want alternatives to keeping their money in low-yield savings accounts, spurred interest in investment apps like Ajaib, Bibit and Pluang, which have all recently raised funding.
Many first-time investors are also looking at cryptocurrencies.
Indonesian pintu 35m series a venturesafe
The company plans to roll out new product offerings and hire additional talent.
“As the fourth-most populous country in the world and with only 1-2% of Indonesians having exposure to cryptocurrencies, there is an immense opportunity for retail investors to gain access to diversified and dynamic investment opportunities through Pintu’s unique crypto-asset trade offerings,” Pintu’s CEO and co-founder, Jeth Soetoyo, said.
Pintu’s chief operating officer Andrew Adjiputro explained the company’s decision for the funding round, which came just two months after the previous $6 million Series A round led by Pantera, Intudo, and Coinbase Ventures in May.
“With the Coinbase IPO and a lot of new users onboarding, we think it’s the right time for us to raise a larger round to finance faster growth,” Adjiputro told TechCrunch.
Indonesian pintu 35m series a ventureshield
It’s good momentum for us to launch new products and grab the market.”
Pintu app downloads rose by 3.5 times through organic growth and the platform’s active users increase by 4 times during the first half of 2021. The crypto platform, which currently supports 16 cryptocurrencies, plans to add more coins including NFT tokens.
“We’re very selective in terms of the coins we introduce because this is a platform for first-time investors and beginners, so we want to protect them, not only in terms of our UI but also the selection of coins we have,” Pintu chief marketing officer Timothius Martin said.
Considering the influx of first-time crypto investors to the platform, Pintu provides them with various educational materials.
Multiple venture funds also join the campaign, including Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures, Pantera Capital.
Jeth Soetoyo, co-founder and CEO of Pintu, said he would facilitate greater financial inclusion for Indonesians from all walks of life, with the support from the investors:
“As the fourth most populous country in the world and with only 1-2% of Indonesians exposed to cryptocurrencies, there is immense opportunity for retail investors to gain access to diverse and dynamic investment opportunities through Pintu’s unique cryptoasset commercial offerings.”
Pintu is a registered crypto exchange as a licensed cryptocurrency brokerage under the Indonesian Commodity Futures Trading Regulatory Agency, which allows the company to serve retail investors.
Just two months after its last funding announcement, Indonesian crypto assets platform Pintu has closed a $35 million Series A+. The new round was led by Lightspeed Ventures, with participation from returning investors like Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures and Pantera Capital.
Pintu’s previous funding, a $6 million Series A led by Pantera, Intudo and Coinbase Ventures, was announced in late May. Pintu is the latest investment app in Southeast Asia to quickly raise a much larger follow-on round as interest in retail investing grows.
Other examples include Bibit, Ajaib and Syfe.
Andrew Adjiputro, Pintu’s chief operating officer, told TechCrunch that Pintu raised a Series A+, instead of a Series A extension or Series B, because its focus on product development and execution is still the same.
Indonesian crypto exchange Pintu gets $6M Series A led by Pantera, Intudo and Coinbase Ventures
Pintu plans to use its Series A+ on “aggressive” hiring for all its teams and rolling out new features and products. During the first half of 2021, Pintu says app downloads grew by 3.5x through organic growth, while active traders on the platform increased by 4x.
The platform currently offers trades on 16 cryptocurrencies, with plans to add more coins, including NFT tokens.
Adjiputro said Coinbase’s successful initial public offering in April helped fuel interest in crypto trading, especially among first-time investors.
Coinbase opens at $381 per share, valuing the crypto exchange at nearly $100B
“They became curious and the bread and butter of our business is essentially education,” said Adjiputro.
While Pintu’s target demographic is millennials, it’s also attracting older demographics, including people who have traded other assets, like stocks, but want to learn more about the fundamentals of crypto trading.
Bibit raises another growth round led by Sequoia Capital India, this time for $65M
Adjiputro said Pintu’s focus on education is what differentiates it from other Indonesian crypto platforms like Indodax and Tokocrypto.
The company is getting ready to launch new features, like Pintu Earn, a crypto asset account that lets users earn interest on a variety of crypto assets, and e-wallet integration for easier deposits and withdrawals.
It’s also deciding what coins to add next.
Indonesia’s crypto trading platform and mobile wallet Pintu has successfully raised $35 million in a recent funding round. The company plans to beef up its team and products offerings to expand its operations in Indonesia before entering other Southeast Asian markets.
The $35 million Series A+ funding round was led by Lightspeed Ventures, according to Cointelegraph. Other high-profile participants include Alameda Ventures, Blockchain.com Ventures, Coinbase Ventures, Castle Island Ventures, Pantera Capital, and Intudo Ventures.
Pintu wants to tap into the huge potential of the Indonesian market where crypto adoption, while still low, has been growing steadily.