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Start-up Pintek secures $21m debt facility from US-based Accial Capital
Pintek plans to use the facility to increase the accessibility and inclusivity of educational financing in Indonesia.
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Illustration of fintech. (Shutterstock/File)
F
intech lending platform for education Pintek announced on Monday that it had secured a US$21 million debt facility from Accial Capital, a United States-based impact-focused private debt investor.
The start-up plans to use the facility to increase the accessibility and inclusivity of educational financing in Indonesia.
“We are excited to partner with Pintek’s team, which has built the leading financing platform for the Indonesian education ecosystem. We are thrilled to support Indonesia’s education system through our partnership with Pintek,” Accial Capital chief investment officer Michael Shum said in a press statement on Monday.
He added that building a solid education system was a crucial and sound economic step for the development of a country.
Read also: Regulators, fintech companies work to balance innovation, regulation
Pintek provides loans to students and their families as well as to educational institutions and their suppliers, allowing borrowers to access all levels of education and vocational training. It also supports education institutions by supporting their investments in infrastructure and technological tools.
“Amid a challenging situation, education institutions need to implement technologies to support the adoption of distance learning for their students,” Pintek cofounder Ioann Fainsilber said in the statement. However, he added, the technological implementation across the education sector had been difficult due to the lack of financial resources.
