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Startups

Indonesian student loan platform to secure German backing

Pintek set to receive $3m from Global Founders Capital

Students who have recently graduated from senior high school take part in a state university entrance exam in Jakarta June 12, 2012. A total of 618, 804 students took part in the nationwide exam for 106,363 available seats in state universities throughout Indonesia, Education and Culture Minister Mohammad Nuh said on Monday.   © Reuters

JAKARTA -- Indonesian student loan startup Pintek is likely to secure an investment from Germany-based 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 said. Global Founders Capital is backed by Rocket Internet, which builds startups.

Pintek's aim is to provide access to education in Indonesia by offering affordable and flexible credit. Its earlier investors include Finch Capital.

Pintek offers loans across the entire student life cycle covering expenses from kindergarten to postgraduate studies and vocational training. "Our innovative tech platform and deep partnerships with institutions ensure the affordability of the loans," Pintek said on its LinkedIn page.

Both companies had not responded to a request for comment by the time of publication.

Rocket Internet CEO Oliver Samwer is keen to invest in Indonesia and is said to be closing two more deals there soon, the sources said.

Global Founders Capital invests at seed to later-stage deals across geographies and is also particularly keen on Southeast Asia. It has a portfolio of 278 companies so far including prominent names such as Traveloka, Lazada, Trivago, Delivery Hero.

Some of its recent investments 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. Glife, a Singapore-based agritech startup, also raised $1.2 million in seed funding from Global Founders Capital and 500 Startups.

Indonesia's student loan sector has been actively fundraising in recent years. For example, impact investor Patamar Capital injected an undisclosed sum into Indonesia-based student loan platform Dana Cita recently. 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.

DANAdidik, a crowdfunding platform for student interested in vocational studies reportedly announced a partnership with Dutch organization Vanderes Foundation to serve disadvantaged students. DANAdidik previously raised its seed funding from Singapore-based impact investment fund Garden Impact.

DealStreetAsia is a financial news site based in Singapore focused on corporate investment activity in Southeast Asia and India. Nikkei recently acquired a majority stake in the company.

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