Pintek Received a Seed Funding in the middle of the Pandemic
Pintek itself is a startup from Indonesia which is engaged in Peer-to-Peer Lending financial technology (P2P) which focuses on providing financing for educational purposes.
The COVID-19 Pandemic situation in fact did not become an obstacle for investors to inject their funds into startups or startups.
As recently, the Pintek startup announced that it had received initial funding with an unspecified value from Accion Venture Lab.
With this initial funding, Pintek will use it to innovate through the development of its technology and platform as a solution to the needs of students and educational institutions that were lacking during the COVID-19 pandemic.
Ioann Fainsilber as Co-Founder and Director of Pintek said that Pintek wants to continue to support the Indonesian government’s mission in the field of education even during the challenging pandemic as it is today.
“Through collaboration with various parties, from parents of students to partners of educational institutions, we continue to strive to provide the best financial products for them and support the realization of quality education. In a situation like this, we want to convince people not to worry about spending on education costs, because we will be there to always be ready to help, “explained Ioann.
Innovations are continued to be Made to Provide the Right Installment Product
Ioann continued, Pintek continued to innovate to provide installment products that could ease students in their education. “The aim is to equalize the quality of human resources in Indonesia,” he said.
Up to now, Pintek has been serving students in 26 of 34 provinces in Indonesia through partnerships with various schools and payment management platforms.
Furthermore, Pintek also held various innovative initiatives to support access to education during COVID-19.
At present, Pintek is conducting a survey to understand the impact of the pandemic on parents/students and educational institutions that aim to improve their products and services.
Responding to the initial results of the survey, Pintek partnered with various Edutech (Education Technology) platforms to facilitate the transition of educational institutions to online learning through funding to educational institutions and the provision of distance learning systems.
“In addition, Pintek also took the initiative to raise funds aimed at helping honorary teachers who are currently affected by COVID-19,” Ioann said.
Investors Consider Pintek’s Service is Accurate to Support Education in Indonesia
Meanwhile, Michael Schlein as President and CEO of Accion, explained that financial support has an important role to enable students to access education in Indonesia – and for educational institutions to provide high-quality education.
According to him, innovation owned by Pintek supports both ends of the education spectrum to fill the gap in funding for students and educational institutions in the country.
“Pintek’s ability to respond to the needs of students and educational institutions that continues to change with the current pandemic can be an important resource in supporting their financial recovery.”
Managing Director of Accion Venture Lab Vikas Raj said that Pintek business model is unique. In addition, the management team is strong and the company’s growth potential is promising.
From the initial results of the Pintek survey in response to COVID-19, it appears that the loss of income and the transition to online learning are the main problems of parents.
Most parents who took the survey were concerned about their ability to cover the education costs of their children, and the rest believed that they would lose their current source of income within the next twelve months.
“The survey confirms that Pintek could be a viable solution for parents, with more than 80 percent expressing their interest in Pintek loans to cover education costs. This survey also highlights the real need to support Indonesian schools in their transition to online learning, “concluded Ioann.