Indonesian student loan-focused fintech startup Pintek is likely to secure an investment from Germany-based Rocket Internet-backed venture capital firm Global Founders Capital, according to sources familiar with the matter. The investment round, which is said to be in the region of $3 million, would value the startup at around $15 million, the sources added.
Pintek aims to democratise access to education in Indonesia through affordable and flexible credit. Its earlier investors include Finch Capital.
Pintek offers loans across the entire student lifecycle covering expenses from kindergarten and high school to university, postgraduate and vocational training. “Our innovative tech platform and deep partnerships with institutions ensure the affordability of the loans,” Pintek said on its LinkedIn page.
A DealStreetAsia query sent to both the companies has not elicited a response at the time of publishing this story. We will update the story when we hear from them. However, people close to the deal have confirmed the development to us.
Rocket Internet CEO Oliver Samwer is apparently chasing bets in Indonesia quite aggressively and is said to be closing two more deals in the Southeast Asian country soon, the people quote above added.
GFC invests from seed to later-stage deals across geographies. It is sector agnostic and is now aggressively looking at southeast Asia. GFC has a portfolio of 278 companies so far including prominent names such as Traveloka, Lazada, Trivago, Delivery Hero, to name just a few.
Some of the recent investments in the region led by GFC include a $1.5-million pre-Series A round into Malaysia-based digital health startup Naluri. GFC also joined a $5-million round for Indian furniture and consumer appliances rental startup CityFurnish. Also, Glife, a Singapore-based agritech startup, raised $1.2 million in seed funding from Global Founders Capital and 500 Startups.
Indonesia’s tech-enabled student loan space has seen some funding activity in recent years. We reported early this year that impact investor Patamar Capital has injected an undisclosed sum into Indonesia-based student loan platform Dana Cita. Dana Cita offers student loans to finance tertiary education and training.
In August last year, Cicil, an Indonesian financing platform for university students, announced the closing of a Series A funding round led by East Ventures and Vertex Ventures.
The Indonesian online lending platform KoinWorks, which offers education loans through its Koin Pintar initiative, recently secured $12.01 million in a Series B funding round, co-led by venture capitalists EV Growth Fund and Quona Capital. The firm had previously raised a $16.5-million in a Series A round in 2018 from Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, and Quona Capital.
And, there is DANAdidik, a crowdfunding platform for student loans with a focus on vocational studies, which reportedly announced a partnership with Dutch benefit organisation Vanderes Foundation to serve underprivileged students. DANAdidik previously raised its seed funding from Singapore-based impact investment fund Garden Impact.
Meanwhile, in more recent deals in the student loan space, Indian platform Credenc on Tuesday announced a fundraise of $2.5 million in a seed round, led by Omidyar Network India. And, Indian non-bank education finance-focused company Shiksha Financial Services India Pvt. Ltd raised about $4.23 million via NCDs issued to Northern Arc Capital and Dutch impact investment fund Triodos Investment Management.