The latest funding round for the Indonesian fintech company, one of the fastest growing in Southeast Asia, brings its total investments in 2021 to $110 million and will enable it to further invest in its technological capabilities, expand its asset classes and widen the reach of its services.

Considering Indonesia its home market, Pluang has recognized the country’s potential for economic expansion, attributable to its digitally driven culture and high population. Global investors have also identified the country as having high economic potential, bringing in $8.2 billion in investment for several start-ups in 2020 alone. Given its high rates of internet and smartphone penetration, as well as its savings per capita, which is expected to double over the next decade, the country provides a pathway for first-time investors to establish new money management habits that were previously impossible.

“Providing mobile access to an easy-to-use investment product is a massive component of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia,” said Pluang cofounder Claudia Kolonas.

“Not too long ago, many of the asset classes that could be accessed through Pluang were only available to the privileged and wealthy, while the rest of the population had low financial literacy and limited investment options,” Claudia continued.

“With this additional [funding], our team will be able to accelerate our momentum and provide the tools, resources and education necessary to set up more customers for long-term wealth creation. We are absolutely thrilled to have the world-class team at Accel, as well as our other investors, supporting us in Pluang’s next growth stage.”

Beginning its journey in 2019, Pluang is a one-stop investment and personal finance shop offering micro-savings and micro-investment to users. Integrated with homegrown unicorns Gojek, DANA, Tokopedia and Bukalapak, Pluang currently has more than 4 million registered users in Indonesia and is growing fast. The company saw 22-fold growth in monthly active users (MAU) from January 2020 to November 2021, and more than 28-fold growth in the number of active accounts.

While Pluang started out in gold as its first asset, it has now expanded to indexes, mutual funds and crypto assets. The company is planning to launch a new feature that allows users to invest in fractional shares of United States stocks. The new feature is part of its aim to expand its asset classes and to gain a competitive edge as the first integrated fintech app in Indonesia to offer fractional share investing.

“We are deeply impressed by the team at Pluang who, in the span of two short years, have advanced the financial products available to the general population and become the only player to acquire licenses for multiple asset classes, including access to fractional US and global equities,” said Accel partner Ethan Choi.

Pluang also plans to expand the availability of its app in key international markets, highlighting the core of its mission to empower and improve financial literacy and inclusion through the entire Southeast Asian region.

“This trend of mobile-first investors trading across multiple asset classes is one of the most exciting global fintech trends Accel has been investing in,” said Accel partner Andrew Braccia. “We’re thrilled to support Pluang in their mission to provide wealth-building products and increase financial inclusion, not only in Indonesia but across Southeast Asia.”

Pluang was founded by Claudia, a veteran in Indonesia’s financial services industry, and serial entrepreneur Richard Chua, who has experience at Google and at Bain & Company. Both cofounders are graduates of Harvard Business School.

In addition to funding from Accel, the fintech start-up has also amassed investors across all sectors. The series B funding round included the participation of Axie Infinity cofounders Trung Nguyen, Andy Ho, Aleksander Leonard Larsen and Jeffrey Zirlin, former Learnvest CEO Alexa von Tobel, Pismo CTO Daniela Binatti, Public.com cofounders Jannick Malling and Leif Abraham, Monzo COO Sujata Bhatia, FalconX CEO Raghu Yarlagadda and Flink CEO Sergio Jimenez, as well as The Chainsmokers, BRI Ventures and Gold House.

Its previous investors include Square Peg, Go-Ventures, UOB Venture Management and Openspace Ventures.

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