Indonesian digital investment app Bibit.id has announced that it has raised US $ 65 million in a funding round led by Sequoia Capital India.
The round was attended by Prosus Ventures, Tencent and Harvard Management Company, as well as existing investors such as AC Ventures and East Ventures.
Bibit said the funds raised will be used to launch new products, develop technology and acquire talent, and will make significant investments in financial education and awareness to further build the platform.
Launched in early 2019, Bibit is a trust robo advisory that enables investors to build portfolios in a simple and optimal way, depending on their risk profile and investment goals. Bibit’s demographics consist of 90% millennials and first-time investors.
Based on IDX and Central Custodian data, Indonesia’s investment trust investors increased 78% year-on-year to 3.2 million in 2020.
This growth was primarily driven by millennials, who will account for 92% of new investors in 2020.
In the first quarter of 2021, more than one million new investment trust investors entered the market.
However, despite this rapid growth, so far less than 2% of Indonesians have participated in the capital markets.
Sigit Kouwagam, CEO of Bibit.id, commented:
“Previously, the equity market was seen as an intimidating place to invest. Bibit is leveraging technology to make investment accessible to everyone, including inexperienced first-time investors. I will.
Therefore, there is growing interest from individual investors in the capital markets. “
Rohit Agarwal, VP of Sequoia India, said:
“Indonesian mutual fund customers have grown nearly 10 times over the last five years. Mutual fund savings are the first step towards investing, and Bibit invests in a way that millions of consumers are responsible for. It has helped me start my journey.
Sequoia Capital India is excited to double its partnership as it brings the same customer focus to its equity investment with Stockbit. “
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