If Pintu's funding announcement is anything to go by, the funding boom for Southeast Asian consumer investment apps will continue. The app has raised $113 million from a group of investors.
Pintu was launched in April 2020. Over the course of a year, the startup has received three rounds of funding. $35 million in Series A+ funding was announced two months after the $6 million Series A announcement. Pintu raised an A+ instead of a Series B because its focus remained the same, according to Andrew Adjiputro.
In the 10 months since, Pintu has added more token, making a total of 66 available, with more added each month. Pintu Staking, which lets users stake their Pintu token, is one of the new integrations that the app has. At any time, users can top-up or withdraw their money.
According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), the number of traders in Indonesia has doubled over the past year. Pintu's team believes that there is plenty of room to grow since the penetration rate is only 4%. Pintu has a license from Bappepti.
The app is geared toward first-time coin investors and features like Pintu Academy. They can invest in Cryptocurrencies. Over four million people have downloaded the app. There are 790,000 members in the app's communities.
The company's latest funding will be used to add more token and support new products It plans to expand its Pintu Academy program to help traders understand both the opportunities and risks ofcryptocurrencies. In 2020 it will double its team to 200.
The market is more mature now than it was a year ago, as a result of the Pandemic. Users are making investment decisions based on the use-case of the assets. There are over 100 million people who play gaming in Indonesia. Many believe that the future of gaming is being contributed to by projects like this.
Lightspeed partner Hemant Mohapatra said they are excited to continue their journey with Pintu. Since we invested in August of last year, Pintu has scaled 5x and hired one of the strongest teams we have seen in this market. Pintu is building a company that is going to be in this category.
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