Bibit, an Indonesian investment platform, has raised $65 million in a Series B funding round led by Sequoia India, according to a recent announcement by the company. The funding round also saw participation from existing investors, such as Prosus Ventures, Tencent, and East Ventures masstamilan.
Bibit was founded in 2019 by Kevin Aluwi and Sigit Kouwagam with the aim of making investing accessible to the Indonesian population. The platform allows users to invest in mutual funds and exchange-traded funds (ETFs) with as little as IDR 10,000 (approximately $0.70) myvuhub.
The company’s Series B funding round comes just over a year after it raised $30 million in a Series A funding round, which was also led by Sequoia India. The latest funding will be used to expand Bibit’s product offerings and services, as well as to strengthen its position in the Indonesian market.
“We’re grateful for the support of our investors, who share our vision of making investing accessible to everyone,” said Kevin Aluwi, co-founder and CEO of Bibit. “This funding will help us to continue expanding our product offerings and services, and to reach more people across Indonesia teachertn.”
Bibit currently has more than 1 million registered users on its platform, with the majority being millennials and first-time investors. According to the company, the platform has seen significant growth in recent months, as more Indonesians turn to digital platforms to invest their money.
“We’ve seen a lot of interest from first-time investors who are looking for an easy and affordable way to invest their money,” said Sigit Kouwagam, co-founder and President Director of Bibit. “Our platform is designed to make investing accessible and transparent, and we’re proud to be leading the way in Indonesia.”
Bibit’s success in the Indonesian market can be attributed to its user-friendly platform, which allows investors to easily buy and sell mutual funds and ETFs, as well as to track their investments in real-time. The platform also offers personalized investment recommendations based on users’ risk profiles and investment goals pagalsongs.
The company’s Series B funding round is a testament to the growing interest in the Indonesian market among investors, particularly in the tech sector. According to a report by Google, Temasek, and Bain & Company, Indonesia’s internet economy is expected to reach $100 billion by 2025, with the e-commerce and ride-hailing sectors driving much of this growth.
Bibit’s success in raising $65 million in funding is also indicative of the potential for investment platforms in Indonesia and other emerging markets. As more people in these markets gain access to smartphones and digital platforms, there is a significant opportunity for investment platforms to help democratize access to financial services and products yareel.
In conclusion, Bibit’s latest funding round is a significant milestone for the Indonesian investment platform, as it seeks to expand its offerings and services in a rapidly growing market. With the support of investors like Sequoia India, the company is well-positioned to continue its growth trajectory and become a leading player in the Indonesian investment space. As more people in emerging markets turn to digital platforms to invest their money, the potential for investment platforms like Bibit to create value and drive financial inclusion is significant.
