pintarnya Secures $16.7M Funding for Indonesian Job & Financial Services

Pintarnya Secures $16.7 Million Series A Funding

Pintarnya, an Indonesian platform revolutionizing employment, has announced the successful completion of a $16.7 million Series A funding round. The company distinguishes itself by integrating job opportunities – both full-time and gig-based – with accessible financial services.

Investment Details

Square Peg spearheaded the funding initiative, with continued support from existing investors Vertex Venture Southeast Asia & India and East Ventures. This investment signifies strong confidence in Pintarnya’s innovative approach.

Addressing Key Challenges for Indonesian Workers

Founded in 2022 by Ghirish Pokardas, Nelly Nurmalasari, and Henry Hendrawan, Pintarnya was created to address two critical issues faced by Indonesian citizens: securing adequate income and accessing responsible borrowing options.

According to Henry Hendrawan, co-founder of Pintarnya, traditional job searching methods in Indonesia are often inefficient. Job seekers typically rely on offline job fairs or networking, while employers are overwhelmed with paper applications and candidates frequently receive no response.

Digitizing Job Matching and Financial Access

Pintarnya utilizes AI to streamline the job matching process, accelerating hiring for employers. Furthermore, the platform provides workers with safer and more sustainable lending solutions, prioritizing affordability over debt accumulation.

The Informal Workforce in Indonesia

A significant 59% of Indonesia’s 150 million-strong workforce is engaged in the informal sector. This presents substantial obstacles to accessing formal financial services due to a lack of verifiable income and formal employment records.

Secured Lending Solutions

To overcome this hurdle, Pintarnya collaborates with asset-backed lenders, offering secured loans utilizing assets like gold, electronics, or vehicles as collateral, as explained by Hendrawan.

Platform Growth and Revenue

Since receiving seed funding in 2022, Pintarnya has amassed over 10 million job-seeker users and connected with 40,000 employers across the nation. The platform’s revenue has experienced nearly a fivefold increase year-over-year, with projected break-even anticipated by year-end.

The primary user base consists of individuals aged 21 to 40, largely possessing a high school diploma or below. Pintarnya is strategically focused on serving this underserved demographic, recognizing the substantial population of blue-collar and informal workers within Indonesia.

Beyond Job Placement: Integrated Financial Services

“Our users require more than just employment; they need financial services that traditional banks often cannot provide,” stated Hendrawan. The platform’s dual focus on job matching and financial access sets it apart.

Differentiating from Existing Job Platforms

While platforms like JobStreet, Kalibrr, and Glints operate in Indonesia, they predominantly cater to white-collar positions, representing a small fraction of the overall workforce. Pintarnya is specifically designed for blue-collar workers.

The platform offers features tailored to this segment, including quick-apply options for in-person interviews, affordable online skills training, in-app opportunities for supplemental income, and seamless access to financial products like loans.

Addressing the Fintech Gap

Indonesia’s fintech landscape mirrors this trend, largely serving white-collar or upper-middle-class consumers. Traditional credit scoring methods, reliant on consistent monthly income and bank account activity, often exclude blue-collar workers from accessing fintech services, Hendrawan clarified.

Demand for Financial Services

Currently, lending is the most sought-after financial service among Pintarnya’s users. The company plans to expand its offerings to include micro-savings and investment products in the future, through collaborations with strategic partners, according to Hendrawan.

Future Plans and Expansion

The newly acquired funding will be utilized to enhance the platform’s technology and broaden its suite of financial services through strategic alliances. Given the prevalence of blue-collar and informal employment in Indonesia, the founders foresee significant growth potential within the domestic market.

Drawing on their extensive experience in managing businesses throughout Southeast Asia, they are also considering potential regional expansion opportunities as the timing becomes appropriate.

Vision for the Future

“Our goal is for Pintarnya to become an indispensable resource for Indonesians, empowering them not only to meet their current needs but also to plan for and improve their future,” Hendrawan stated. “We envision Pintarnya as the leading super app for Indonesian workers, a trusted partner throughout their entire life journey.”

The company aims to be the first point of contact for job seekers, a resource for skills development, and a reliable guide for financial decision-making.