Indonesian Investment App Ajaib Raises $65 Million in Round Led by Robinhood Backer

By Jemima McEvoy Tuesday, March 30, 2021

Ajaib has raised $65 million in its extended Series A round, boosting the amount of money raised by the startup in this round to $90 million. The Indonesian startup is one of a number of companies competing for a slice of the rapidly expanding market for investment apps. On top of its trendiness, Ajaib is also notable because it is the first Southeast Asian company to receive an investment from Ribbit Capital, the California-based fintech VC firm that led Robinhood’s $3.4 billion funding last month.

A stock market chart on a phone next to a computer screen.

What Is Ajaib?

The startup was launched in 2019 by Anderson Sumarli, now the CEO of the business, and Yada Piyajomkwan, Ajaib’s COO. The core product of the business is an investing platform that allows Indonesians to buy and sell stocks, EFTs, and mutual funds. The investment business is headquartered in Jakarta, Indonesia, and has between 50 and 100 employees, according to Crunchbase.

The company is catering to a small — but growing — group of Indonesians interested in trading. By the most recent estimates, less than 1% of the country’s population (1.6 million) made investments in the capital market, though the number is increasing, with millennials a burgeoning demographic.

Though only two years old, the startup says it now runs the fourth largest stock brokerage in Indonesia based on the number of trades it has facilitated. The company differentiates itself as a low-fee platform for stock trading, also offering mutual funds, which it hopes will give it a leg-up on the competition.

Money and Investors

Before this most recent round, the startup had only disclosed one other fundraising sum from $2.1 million in January 2019. According to Crunchbase, this seed round, which drew the participation of four investors, was led by Softbank Ventures Asia. However, the investment business also raised an undisclosed amount of money from Y Combinator that month.

The startup announced the first closing of its Series A in January, reporting a sizable amount of $25 million. Ajaib then announced it had closed on yet another fundraising sum in this round — this time at $65 million — this month. Y Combinator Continuity, ICONIQ Capital, Bangkok Bank PLC, Horizons Ventures, SoftBank Ventures Asia, Alpha JWC, and Insignia Ventures contributed to this significant fundraising round.

It is unclear how much Ribbit Capital contributed to the round, though Micky Malka, a managing partner at the firm, released a statement praising the company and the investment. “We are witnessing an unprecedented revolution in retail investing around the world,” Malka said. “Ajaib is at the forefront of this revolution and is on their way to building the most trusted brand in the market.”

Future of This Company

The investment business said it plans to use the money from this round — which it claimed was the largest Series A in Southeast Asia — to strengthen its investment in product development and engineering capabilities. While the company certainly has a leg-up, already boasting over 10 million transactions in the past four months, the business isn’t without competition. Other Indonesian-based investment apps — Pluang, Bibit, and Bareksa — have also recently raised capital.

About the Author

Headshot for author Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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