Southeast Asian consumer investing applications witnessed a significant financing surge last year, and if Pintu’s funding announcement today is any indication, that trend will continue. Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital have invested $113 million in the cryptocurrency-focused app.
A Quick Overview of Pintu
Pintu is the creator of a mobile cryptocurrency application released in April 2020 to make the crypto market more convenient. The company’s software has all of the characteristics of a crypto exchange platform. In addition, it enables customers access to a variety of financial services via a mobile app, allowing them to purchase, trade, manage, and use bitcoin conveniently.
Top Investors of Pintu Crypto Trading App
Pantera Capital, Lightspeed India Partners, Intudo Ventures, and Northstar Group were among the investors in the round. According to Pintu’s creator and CEO, Jeth Soetoyo, there was a lead investor in this round, but he refused to name it since the investor wanted to stay anonymous. Instead, a worldwide venture capital company is the principal investor.
How The Funds Will Be Used?
Pintu intends to use the funds to develop new features, such as more supported coins and blockchains and new goods. Last year, the exchange quadrupled the size of its workforce to 200 people, and it aims to keep recruiting to keep up with the burgeoning crypto sector in Indonesia.
“The numbers of crypto investors in Indonesia have doubled from 6 million in the beginning of 2021 to over 12 million in February 2022 – which is about [twice] the number of public equity investors in the country,” Pintu Chief Marketing Officer, Timothius Martin, told CoinDesk in an email.
“Despite the rapid growth, however, the Indonesian market is still relatively new to crypto,” he continued. “This makes education about crypto investment a key pillar to support the growth of the market.”
Key Highlights:
- Pantera, Lightspeed, and others contributed $113 million to Pintu’s current investment round.
- The Indonesian cryptocurrency exchange wants to strengthen its foothold in the nation.
