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Investment app Bibit raises US$65m in latest funding round
Investment app Bibit has raised US$95 million so far this year, about 70 percent of which comes from existing investors. The company plans to use the fresh funds to increase investment education and awareness.
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Illustration of financial technology (fintech) (Shutterstock/File)
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utual fund investment app Bibit has raised US$65 million in funding to launch new products, develop its technology, acquire talent and expand financial literacy programs to benefit from the growing investment appetite of young Indonesians.
The company wrote in a statement on Monday that the latest funding came from Sequoia Capital India, AC Ventures, East Ventures, Prosus Ventures, Tencent and Harvard Management Company.
“Bibit is leveraging on technology to make investment accessible to everyone, including the inexperienced first-time investors. Therefore, we are seeing an accelerated interest from retail investors into the capital market,” said Bibit CEO Sigit Kouwagam in the statement.
Indonesia saw a rise in retail traders last year as large-scale social restrictions (PSBB) created an opportunity for young professionals to learn about and enter the stock market as many were working from home and had more time to trade.
Read also: The rise of the retail investor: A new force in Indonesia’s pandemic-hit stock market
According to Indonesia Stock Exchange (IDX) and Indonesian Central Securities Depository (KSEI) data, the number of mutual fund investors in the country grew 78 percent to 3.2 million individuals last year. More than 1 million new investors were registered in this year’s first quarter.
Despite the rapid growth, the number of capital market investors only represents around 2 percent of the population, which Bibit views as an indicator of the magnitude of Indonesia’s untapped market potential.
