Final 12 months noticed an enormous funding increase for Southeast Asian client funding apps and if Pintu’s funding announcement immediately is something to go by, that appears set to proceed. The cryptocurrency-focused app has raised a $113 million Sequence B from Intudo Ventures, Lightspeed, Northstart Group and Pantera Capital.
Launched in April 2022, 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 12 months. The primary was a $6 million Sequence A introduced in Might 2021, and the second was $35 million in Sequence A+ funding simply two months later. On the time, Pintu chief working officer Andrew Adjiputro informed TechCrunch that it raised an A+ as an alternative of shifting onto a Sequence B as a result of its give attention to product growth and execution remained the identical.
Now 10 months later, Pintu chief advertising and marketing officer Timothius Martin tells TechCrunch that it has added extra tokens, making extra a complete of 66 obtainable, 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 information from the Indonesian Commodity Futures Buying and selling Regulatory Company (Bappepti), the variety of crypto traders in Indonesia doubled over the previous 12 months to greater than 12 million merchants, in comparison with 7 million home public fairness traders. However since crypto asset possession nonetheless solely has a 4% penetration price among the many inhabitants, Pintu’s group notes that it has loads of room to develop. Pintu is registered and licensed by Bappepti.
The app is geared towards first-time cryptocurrency traders, primarily Gen Z and millennials with options like Pintu Academy, an academic program. It lets them spend money on Bitcoin, Ethereum and different cryptocurrencies. It at present says over 4 million folks have put in the app, up from 500,000 in Might 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 complete raised to about $156 million, so as to add extra tokens and supported blockchains and latest 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’ll additionally carry out further hiring, having already doubled its group to 200 in 2021.
The pandemic spurred curiosity in retail funding final 12 months, and because the pandemic subsides, Martin stated “we see that the market is extra mature now in comparison with final 12 months. Customers are beginning to make funding selections based mostly on the use-cases of the crypto belongings. For instance, gaming is an enormous 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 long run of gaming.”
In a ready assertion, Lightspeed associate Hemant Mohapatra stated, “We’re excited to proceed our journey with Pintu and to welcome our latest associate Northstar Group. Since our funding in August final 12 months, Pintu has scaled 5x to develop into the nation’s main retail centered crypto brokerage, and employed certainly one of the 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.”