Indonesian investment platform Bibit bags USD 30 million in new money

Written by Tech in Asia Published on 

Millennial investors make up 90% of the company’s user base.

Indonesian digital investment platform Bibit has raised USD 30 million of funding to further expand its products and services. The round included participation from Sequoia Capital India as well as the startup’s existing backers East Ventures, EV Growth, AC Ventures, and 500 Startups.

Bibit was launched in 2019 by Stockbit, which had started off as a platform for investors to share news and investment strategies in real time. With Bibit, the company allows its users to build portfolios based on their individual risk profiles and investment goals through its mobile app.

Bibit also makes the process of investing easier for first-time users and millennial investors, which make up 90% of its total user base, with its roboadvisory services. It currently holds a Mutual Funds Selling Agent license under the supervision of Indonesia’s Financial Services Authority (OJK), according to a statement.

Bibit CEO Sigit Kouwagam said the company saw significant growth since its launch, having over 1 million first-time investors jumping onto the platform in just the past year. The head chief attributed the growth to an increased awareness of and education on investing.

Citing IDX and Central Custodian data, the company said the number of retail investors in Indonesia grew by 56% year-on-year in 2020, with millennials accounting for 92% of the new investors last year.

“Stockbit and Bibit have been positively impacted during the pandemic,” noted East Ventures managing partner and co-founder Willson Cuaca. “It has a fast-growing number of retail investors, with more than tenfold growth in transactions in 2020.”

This article was originally published by Tech in Asia


You might like these

  • News

    Thailand’s main digital asset exchange will go without cryptocurrency


    Stephanie Pearl Li

    22 Jan 2021    05:43 AM

KrASIA InsightsKrASIA Insights

  • Beijing-based AI firm Aibee digitizes “space, people, and products” for brick-and-mortar retailers.


    This firm digitizes offline shopping: Inside China’s Startups 

    By Wency Chen

    23 Jan 202101:05 AM

Most PopularMost Popular

See All