Tag: pintu

Indonesia’s Pintu Crypto Exchange Raises $35M in Extended Series A, Led by Lightspeed Venture

Indonesia-based cryptocurrency exchange Pintu announced the company had completed an extended Series A funding round by raising $35 million, led by Lightspeed Venture Partners, citing multiple sources.

The company plans to expand its scale by accelerating talent acquisition. With the latest $35 million capital, Pintu expects to create strategic partnerships, undertake educational marketing campaigns, and deliver new products and asset classes, such as Pintu Earn, that enable users to earn interest via various crypto assets.

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. Currently, the brokerage offers 16 cryptocurrencies, including NFT tokens. 

This round financing extends from a $6 million Series A raised in May, led by Pantera, Intudo and Coinbase Ventures, according to online media TechCrunch. As of June 2021, more than  6.6 million crypto investors in Indonesia, roughly triple that of the country’s 2.2 million public equity investors, according to Pintu.

Indonesia is home to over 273.5 million population in this fourth-largest nation. The authority has been eyeing a plan to tax profits on crypto trading in response to increasing popularity.

Image source: pintu facebook page

Indonesian Crypto Exchange Pintu Raises $113m with Backing from Investors

Indonesia’s Pintu was backed by several investors who helped the cryptocurrency exchange raise $113 million in a Series B funding round, The Block reported.

Pintu plans to utilise the new fund in expanding its services within Indonesia by offering new products and services such as NFTS and DeFi.

“We need to cement our position in the market. I think pretty much that’s where our focus is going into,” said Soetoyo.

In this round of funding, investors included Pantera Capital, Lightspeed India Partners, Intudo Ventures and Northstar Group. However, the lead investor in this round wanted to remain anonymous, Pintu’s founder and CEO Jeth Soetoyo told The Block.

Launched in April 2020, Pintu has already become one of the top three Indonesian crypto exchanges with more than four million users, according to Soetoyo. However, the company has hesitated to publicly disclose its trading volumes.

The new round of funding has taken Pintu’s total funding to date to over $150 million. Pintu’s previous funding last August saw the company raise $35 million in an extended Series A funding round.

Even though Soetoyo declined to comment on the firm’s valuation with the latest round, Dealroom estimates Pintu was valued at up to $210 million at the time of its extended Series A round.

Pintu has successfully raised that amount even though crypto trading volume is experiencing bearish market sentiment. Soetoyo has credited the firm’s success to starting the investment round early this year and closing it after Terra’s collapse.

According to The Block, Soetoyo further added that investors felt comfortable backing the funding round since some of them understood Pintu’s position in the market.

In terms of competition, Pintu’s local rivals include Indodax and Tokocrypto.

According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), Indonesia has more than 12 million crypto traders compared to 7 million equity traders.

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