Ajaib’s Funding and Platform
Ajaib is a startup based in Indonesia that has developed a comprehensive investing platform available as a mobile app for both Android and iOS devices. Founded in 2019 by two entrepreneurs, the current CEO Anderson Sumarli and COO Yada Piyajomkwan, and launched in the same year, Ajaib’s initial goal was to create a higher rate of engagement with the stock market in Indonesia — where it currently sits at less than 1%. Compared to the United States (US), where 55% of citizens own some kind of stocks, the potential for the country is extremely high.
The platform’s goal is already working: in just over a year, there are already over 1 million users on Ajaib. The startup’s success in this department certainly comes in no small part due to the much lower brokerage fees, educational tools, and community features where users can discuss investments and tips. The engagement and growth of the startup’s platform can be broken down into two major statistics that show not only the strength of its growth but also the personal success of its users.
As it currently stands, one out of every four new mutual fund investors in Indonesia is using Ajaib since its launch — an astonishing penetration level for the platform. On top of that, according to COO Yada Piyajomkwan, most investors are tripling their investment in the second month of using the platform.
This in turn has resulted in a strong Series A funding round for the startup, which raised $25 million for the business. The funding round was led by Horizons Ventures with participation from SoftBank Ventures Asia, Insignia Ventures, and Y Combinator. Ajaib will use this funding to promote their #MentorInvestai Campaign which will educate millennials on investing as well as help expand tech infrastructure and the engineering team. The long-term plans see the company expanding into more regions in Southeast Asia as well, though that is much farther off.
Ajaib’s investing platform is already breaking new ground in Indonesia, with millions of users taking advantage of what is being offered. With new-found funding and a plan to raise awareness across the nation, there are clear milestones ahead for the startup. The company’s platform could soon explode past its current popularity and become one of the premier investment apps in all of Southeast Asia.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.