Indonesia’s Pintu was backed by several investors who helped the cryptocurrency exchange raise $113 million in a Series B funding round, The Block reported.
Pintu plans to utilise the new fund in expanding its services within Indonesia by offering new products and services such as NFTS and DeFi.
“We need to cement our position in the market. I think pretty much that’s where our focus is going into,” said Soetoyo.
In this round of funding, investors included Pantera Capital, Lightspeed India Partners, Intudo Ventures and Northstar Group. However, the lead investor in this round wanted to remain anonymous, Pintu’s founder and CEO Jeth Soetoyo told The Block.
Launched in April 2020, Pintu has already become one of the top three Indonesian crypto exchanges with more than four million users, according to Soetoyo. However, the company has hesitated to publicly disclose its trading volumes.
The new round of funding has taken Pintu’s total funding to date to over $150 million. Pintu’s previous funding last August saw the company raise $35 million in an extended Series A funding round.
Even though Soetoyo declined to comment on the firm’s valuation with the latest round, Dealroom estimates Pintu was valued at up to $210 million at the time of its extended Series A round.
Pintu has successfully raised that amount even though crypto trading volume is experiencing bearish market sentiment. Soetoyo has credited the firm’s success to starting the investment round early this year and closing it after Terra’s collapse.
According to The Block, Soetoyo further added that investors felt comfortable backing the funding round since some of them understood Pintu’s position in the market.
In terms of competition, Pintu’s local rivals include Indodax and Tokocrypto.
According to data from the Indonesian Commodity Futures Trading Regulatory Agency (Bappepti), Indonesia has more than 12 million crypto traders compared to 7 million equity traders.