Mutual 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...
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