Indonesian investment app Pluang secured USD 35 million in financing led by Square Peg, the firm said on Monday. Other investors that participated in this round include Susquehanna International Group (SIG), UOB Venture Management, as well as existing investors Go-Ventures and Openspace Ventures. This investment took place only six months after Pluang raised USD 20 million in March.
The startup will utilize its fresh capital to accelerate new product launches and add to its headcount. Founded in 2019 by Claudia Kolonas and Richard Chua, Pluang offers retail investors access to various investment instruments, including gold, mutual funds, and crypto assets. The platform allows users to invest as little as IDR 10,000 (USD 0.70) in its products.
Pluang partners with several major tech companies, such as Gojek, Dana, and Bukalapak, allowing users to make investments in widely adopted platforms. This broadens Pluang’s reach and gives it access to a much larger customer base. At the moment, Pluang has 3 million registered users.
There is surging interest among Indonesia’s millennial and Gen Z retail investors, thanks to the emergence and convenience of digital investment platforms like Pluang. Other investment startups that raised significant funding this year are crypto exchange Pintu, which bagged USD 35 million in August; Bibit, which raised USD 65 million in May; and Ajaib, which also snagged USD 65 million in March.