There was a huge wave of funding for consumer investment apps in Southeast Asia last year, and if Pintu’s funding announcement kicks things off today, it looks set to continue. The cryptocurrency-focused app has raised a $113 million Series B from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2020, Pintu bills itself as “Indonesia’s leading platform for homegrown crypto assets.” 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 the second was $35 million in Series A+ funding just two months later. At the time, Pintu Chief Operating Officer Andrew Adjiputro told TechCrunch it was increasing an A+ instead of going to a Series B as the focus on product development and execution remained the same.
Now 10 months later, Pintu Chief Marketing Officer Timothius Martin tells TechCrunch that it has added more tokens, making a total of 66 available, with more being added every month. The app has 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 a 15% annual percentage rate (APY) on select crypto assets that are paid by the hour with no lock period. Users can top up or withdraw their Earn wallet at any time.
According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), the number of crypto investors in Indonesia has doubled in the past year to more than 12 million traders, compared to 7 million domestic public equity investors. But since crypto asset ownership still only has 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 is aimed at aspiring cryptocurrency investors, mainly Gen Z and millennials with features such as Pintu Academy, an educational program. It allows them to invest in Bitcoin, Ethereum and other cryptocurrencies. It currently states that more than four million people have installed the app, up from 500,000 in May 2021. The app also has communities totaling 790,000 members on Telegram, Discord, Instagram, and TikTok.
The company will use its latest funding, bringing the total 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 the opportunities and risks of crypto investments and promote healthier and sustainable trading practices.” It will also hire additional staff, having already doubled its team to 200 in 2021.
The pandemic fueled interest in retail investment last year, and as the pandemic eases, Martin said: “We see the market now being more mature compared to last year. Users start to make investment decisions based on the use cases of the crypto assets. For example, gaming is a big thing in Indonesia with over 100 million gamers in the country. This is driving significant growth in gaming and metaverse-related crypto assets as many believe that these projects 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 welcome our new partner Northstar Group. Since our investment last August, Pintu has grown fivefold to become the nation’s leading retail-focused crypto brokerage and has hired one of the strongest teams we have seen in this market.The crypto wave is widely accepted worldwide and Pintu is building a generation company in this category.”
This post Indonesian crypto trading app Pintu scores $113 million Series B – TechCrunch was original published at “https://techcrunch.com/2022/06/06/indonesian-crypto-trading-app-pintu-scores-113m-series-b/”