Pintu, an Indonesia-based crypto wallet and trading platform, announced Tuesday the closing of a $113 million Series B round of financing from Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital.
Pintu said in a statement that with this round of financing, the firm plans to solidify its position as the leading crypto assets platform in Indonesia, rolling out new features, including additional tokens, supported blockchains, and new products.
It said the company will invest heavily in the Pintu Academy program to help traders understand both the opportunities and risks of crypto investing and promote healthier and sustainable trading practices.
To support these initiatives, it will continue to aggressively hire top talent across all functions, having already doubled its team size to 200 members in 2021, including adding key leadership roles across engineering, strategy, and people.
“Indonesia’s crypto market has demonstrated remarkable growth over the past year, fueled by regulatory encouragement and increased grassroots awareness. As a seamless on-ramp for Indonesian crypto users, we have built Pintu for those who are new to crypto and even experienced investors in mind. We believe that crypto adoption in Indonesia is only in its beginning stages, and educating users on the fundamentals is critical to ensuring this growth continues in a healthy way,” said Jeth Soetoyo, Founder and Chief Executive Officer, Pintu.
“We will continue building on this momentum by offering even more new app features and entering into new strategic initiatives to bring crypto to more Indonesians. We are always pushing the boundaries to offer the best experience and meet our users’ evolving needs and appreciate the continued support of our investors in helping Pintu achieve our vision,” he added.
Launched in April 2020, Pintu is Indonesia’s leading homegrown crypto assets platform, dedicated to making investing in crypto assets such as Bitcoin, Ethereum, and 50 other popular cryptocurrencies more accessible for everyone.
Specifically designed for first-time and novice users in mind, its mobile application introduces investors to crypto assets through its intuitive user experience, easy-to-use trading features, advanced security features, and accessible educational content. With its suite of features and emphasis on community engagement, it helps traders make more informed decisions on trades and therefore, better manage risk against market volatility and other speculative movements.
To continue providing the best experience, Pintu has released a number of new features, such as Pintu Earn, which allows users to earn annual percentage yield (APY) on selected crypto assets that is paid hourly with no lock-up, Pintu Staking which offers many exclusive benefits for users who stake their Pintu Token, and additional payment channel integrations to make depositing and withdrawing of funds even more seamless.
Since launch, over four million users have installed the Pintu app, up from 500,000 installations in May 2021—making it Indonesia’s most downloaded crypto-focused trading app according to data.ai figures. This growth has been fueled by Pintu’s community members, which now has over 790,000 active members across Telegram, Discord, Instagram, and TikTok.
To meet the needs of these users, Pintu has established Pintu Academy, a program designed to educate and teach novice crypto traders the ins-and-outs of trading, acclimate traders to crypto fundamentals, and understand how to invest and manage risk in a sustainable way.
Pintu is also registered and licensed by Bappepti, serving Indonesian retail traders under the regulatory framework of the Indonesian government. The company works closely with Indonesian government entities to educate users on how to safely invest in crypto assets through joint-workshops, webinars, and social media activities.
“We are excited to continue our journey with Pintu and to welcome our new partner Northstar Group. Since our investment in August last year, Pintu has scaled 5x to become the country’s leading retail focused crypto brokerage, and hired one of the strongest teams we’ve seen in this market. The crypto wave is entering mainstream adoption globally and Pintu is building a generational company in this category,” said Hemant Mohapatra, Partner at Lightspeed.
Paul Veradittakit, Partner at Pantera Capital said :”Crypto adoption is happening everywhere—and Indonesia has proven itself to be one of the world’s most rapidly growing markets for crypto assets. Crypto is a global asset class, and Pintu has become Indonesia’s premier portal to gain access to crypto and invest alongside global peers. Pantera is thrilled to continue to support Pintu in its efforts to bring crypto adoption and financial services to Indonesia, driven by its innovative products, market education, and locally-attuned user experience.”
Patrick Yip, Founding Partner, Intudo Ventures said :“Like many global markets, Indonesia has experienced significant grassroots demand for crypto trading. Building off its intimate understanding of local retail trader attitudes and regulatory compliance, Pintu has become synonymous with crypto in Indonesia, adopting a user-friendly model that addresses the specific needs and habits of Indonesian traders.”