Ajaib, the Indonesian funding app, has added $65 million to its Series A, bringing the round’s new total to $90 million. The extension was led by Ribbit Capital, the fintech investor that additionally led Robinhood’s $3.4 billion funding final month. Ajaib is Ribbit Capital’s first funding in Southeast Asia.
The extension will likely be used to develop Ajaib’s product improvement and engineering capabilities. The startup, which claims to run the fourth largest inventory brokerage in Indonesia primarily based on variety of trades, introduced the $25 million first closing of its Series A in January. Other individuals included Y Combinator Continuity, ICONIQ Capital, Bangkok Bank PLC, and returning traders Horizons Ventures, DelicateBank Ventures Asia, Alpha JWC and Insignia Ventures. David Velez and SG Lee, the founders of fintech startups Nubank and Toss respectively, additionally invested.
Ajaib was based in 2019 by chief government officer Anderson Sumarli and chief working officer Yada Piyajomkwan. It is amongst a brand new crop of fintech startups which can be targeted on making inventory investing extra accessible to first-time traders. In Indonesia, less than 1% of the population own stocks, however that quantity is increasing, particularly amongst millennials.
Other funding apps in Indonesia which have additionally raised funding not too long ago embrace Pluang, Bibit and Bareksa. Ajaib’s founders advised TechCrunch in January that it differentiates as a low-fee inventory buying and selling platform that additionally gives mutual funds for diversification.
In a press assertion, Ribbit Capital managing companion Micky Malka mentioned, “We are witnessing an unprecedented revolution in retail investing around the world. Ajaib is at the forefront of this revolution and is on their way to building the most trusted brand in the market. Their commitment to bring transparency and serve Indonesia’s millennial investors with the best products is at par with the best companies worldwide.”
