Indonesian online investment platform, Ajaib Group, has raised $25 million Series A led by Horizons Venture and Alpha JWC. Despite the low interest in investment among Indonesians, Ajaib claims to have one million monthly users. Ajaib appeals Indonesian millennials through various promising offers that especially cater to first-time investors.
Stock investment rate in Indonesia is very low. Noted from Tech Crunch, less than 1% of Indonesians are capital market investors while around 55% of Americans own stocks. However, there has been a significant rise in investment interest during the pandemic, which further attracts venture capital in online investment platforms. This also includes Horizons Venture and Alpha JWC.
What Horizons Venture and Alpha JWC see in Ajaib
According to Tech Crunch, Ajaib has a raised a total of $27 million. Previously, the online investment platform raised $2 million seed round in 2019. The series A in 2020 alone, led by Horizons Venture and Alpha JWC, involved SoftBank Ventures Asia, Insignia Ventures and Y Combinator which was made in two closes.
The company plans to allocate some of Series A funds into its #MentorInvestasi campaign. Working with the government, Ajaib will take part in educating and encouraging investments and financial planning in millennials. The company plans to use the remaining funds for infrastructure and product technology development as well as hiring more engineers.
Ajaib and its future prospect
Ajaib Group currently offers two different options, Ajaib Sekuritas for stock trading and Ajaib Reksadana for mutual funds. By the number of trades in Indonesia, Ajaib Sekuritas has shown its potential by growing into the fifth-largest stock brokerage. This was acquired only seven months after its launch in June 2020.
Ajaib appeals as a low-fee stock trading platform. Adapting Robinhood in the United States and Investimentos in Brazil, Ajaib is a mobile-first stock trading platform. Hence, Ajaib has no offline brokers nor branches. Its simple user interface is easy to understand and operate. Completed with in-app education features, Ajaib easily gained first-time investors and millennials’ interest. Ajaib also provides a community space for its users to share and educate each other about investment ideas.
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