Indonesian fintech platform Pintek has raised a $21 million debt facility from US-based impact-focused private debt investor Accial Capital.
Founded in 2018 by Ioann Fainsilber and Tommy Yuwono, Pintek (owned and operated by SoCap) provides loans for students and their families, besides educational institutes, and suppliers.
With the debt facility, both Pintek and Accial Capital look to strengthen education financing in Indonesia.
The startup not only provides loans, but it also offers financial business solutions to educational institutions and their suppliers, supporting their investments in infrastructure and technological tools.
Lack of finances is one of the issues that education institutes are staring at as they grapple to upgrade technology, said SoCap CEO & Pintek co-founder Fainsilber.
“In part due to a lack of financial resources, the implementation of technology across the sector has been challenging. We build products to help at this crucial juncture in the Indonesian education ecosystem,” said Fainsilber in a statement.
Meanwhile, Yuwono, who serves as the co-founder and president director at the startup added that debt will help it provide smart financing solutions to educational institutions to maximize technology in teaching and learning activities, as well as achieving education 4.0.
In December 2020, Pintek raised a round of capital led by Finch Capital, with the participation of existing investor Accion Venture Lab, bringing the total amount of equity raised to S$5 million. As of 31 Dec 2020, the company disbursed around Rp 83 billion ($ 5.89 million).