Indonesian crypto exchange Pintu raises $113m

Funding will help firm expand into non-fungible tokens and decentralised finance

A series of five smartphones display different pages from the Pintu crypto trading app                                 
Pintu has become the largest investment trading platform in Southeast Asia with more than four million users – Photo: Pintu
                                

Indonesia's leading crypto asset trading and investment platform Pintu has raised $113m as part of its Series B funding round from Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital. 

Pintu said it will use the fresh capital to expand its services within Indonesia by offering new products and services, such as non-fungible tokens (NFTs) and decentralised finance (DeFi), as well as further developing its product offerings and expanding its educational platform, Pintu Academy.

The funding follows Pintu’s $6m Series A round, which closed in early 2021, as well as an additional top up of $35m as part of its extended Series A, also in 2021. The latest funding brings the crypto firm’s total funding raised to near $156m.

Downloaded by 4 million users

According to Pintu, it is now the largest investment trading platform in Southeast Asia with more than four million users downloading its app since its launch in early 2020. 

The firm credits much of its growth to the new generation of crypto users within the region, noting that its app is geared towards first-time investors as well as younger Gen-Z audiences who are looking to invest in cryptocurrencies for the first time.

It said its growth is also driven by the size of its community accross its social channels, such as Telegram, Discord, Instagram, and TikTok, which account for a total of more than 790,000 active users every month.

Jeth Soetoyo, founder & CEO of Pintu, said: “The crypto asset market in Indonesia has shown tremendous growth over the past year. We see this positive growth driven by several factors such as clearer regulations, as well as an increase in public knowledge of crypto assets. We believe that the adoption of crypto assets in Indonesia is only in its early stages, and educating the public is of paramount importance to ensure this growth proceeds in a healthy way.

“We will continue to build on this momentum by offering more new features and initiating appropriate strategies to bring crypto assets to more Indonesians. We always push ourselves to meet user needs and provide the best experience in investing crypto assets.”

Paul Veradittakit, Partner at Pantera Capital, said: “Crypto asset adoption is happening everywhere, and Indonesia has established itself as one of the fastest growing crypto asset markets in the world.

“Crypto is a global asset class, and Pintu has become the main gateway for Indonesians to gain access to invest in crypto assets together with global investors.”

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