Indonesian stock trading app Ajaib said on Monday that it received USD 65 million in an extended Series A round led by Ribbit Capital. This comes after a USD 25 million investment in February, bringing the total to USD 90 million, according to a statement. Ribbit is a backer of the famed US stock dealing app Robinhood, leading a USD 3.4 billion funding last month.
Ajaib plans to use the additional capital for further product development. Founded in 2019 by CEO Anderson Sumarli and COO Yada Piyajomkwan, it aims to make investment available for everyone.
“Retail investor penetration in the country has been low because stock trading has traditionally been reserved for high-net-worth individuals who can afford high commissions when working with offline brokers,” Sumarli told KrASIA in an interview earlier this month.
Ajaib allows its users to buy stocks, mutual funds, money market, and fixed-income securities without minimum purchase requirements. The app offers relevant information about public companies, including historical data. With more than one million downloads, it ranks fourth among the most used investment apps in Indonesia, according to research site App Annie.
Indonesia is currently seeing a rise in young retail investors aged between 18 and 30, reaching almost 4 million in 2020, 56% more than in 2019, according to the Financial Service Authority (OJK). Aside from Ajaib, digital gold investment platform Pluang recently raised USD 20 million in a pre-Series B round led by Openspace Ventures, while robo-advisor Bibit bagged USD 30 million in January, highlighting the increasing interest in Indonesia’s investment platforms.