Indonesian crypto-trading app Pintu earns 3 million in Series B – TechCrunch

Indonesian crypto-trading app Pintu earns $113 million in Series B – TechCrunch

The last year has seen a huge funding boom for Southeast Asian consumer investment apps and if Pintu’s funding announcement today is anything to go by, it should continue. The cryptocurrency-focused app 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 crypto asset platform”. This is the third funding round the startup has landed 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 two months later. At the time, Pintu’s COO Andrew Adjiputro told TechCrunch that it raised an A+ instead of upgrading to a Series B because its focus on product development and execution remained the same.

Now, 10 months later, Pintu Chief Marketing Officer Timothius Martin told TechCrunch that he has added more tokens, totaling 66 available, with more 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 up to 15% annual percentage return (APY) on select crypto assets that are paid hourly with no lock-up period. Users can top up or withdraw their Earn Wallet at any time.

According to data from the Indonesian Commodity Futures Regulatory Agency (Bappepti), the number of crypto investors in Indonesia has doubled in the past year to over 12 million traders from 7 million. national public investors. But since owning crypto assets still only has a 4% penetration rate among the population, Pintu’s team notes that it has plenty of room to grow. Pintu is registered and authorized by Bappepti.

The app is aimed at new cryptocurrency investors, primarily Gen Z and Millennials with features like Pintu Academy, an educational program. This allows them to invest in Bitcoin, Ethereum, and other cryptocurrencies. It currently says more than four million people have installed the app, up from 500,000 in May 2021. The app also has communities with a total of 790,000 members on Telegram, Discord, Instagram and TikTok.

The company will use its latest funding, which brings its total raised to approximately $156 million, to add more supported tokens and 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 spurred interest in retail investing last 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 crypto assets. For example, gambling is a big thing in Indonesia with over 100 million players in the country. This is driving significant growth in crypto assets related to games and the metaverse, as many believe these projects are helping the future of games.

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 in August last year, Pintu has grown 5x to become the nation’s leading retail-focused crypto broker, and has hired one of the strongest teams we’ve seen on this market. The crypto wave is being embraced by the mainstream globally and Pintu is building a generational business in this category.

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