Indonesian digital investment platform Bibit has raised US$30 million of funding to further expand its products and services.
The round included participation from Sequoia Capital India as well as the startup’s existing backers East Ventures, EV Growth, AC Ventures, and 500 Startups.
Bibit was launched in 2019 by Stockbit, which had started off as a platform for investors to share news and investment strategies in real time. With Bibit, the company allows its users to build portfolios based on their individual risk profiles and investment goals through its mobile app.
Bibit also makes the process of investing easier for first-time users and millennial investors, which make up 90% of its total user base, with its robo-advisory services.
It currently holds a Mutual Funds Selling Agent license under the supervision of Indonesia’s Financial Services Authority (OJK), according to a statement.
Bibit CEO Sigit Kouwagam said the company saw significant growth since its launch, having over 1 million first-time investors jumping onto the platform in just the past year. The head chief attributed the growth to an increased awareness of and education on investing.
Citing IDX and Central Custodian data, the company said the number of retail investors in Indonesia grew by 56% year on year in 2020, with millennials accounting for 92% of the new investors last year.
“Stockbit and Bibit have been positively impacted during the pandemic,” noted East Ventures managing partner and co-founder Willson Cuaca. “It has a fast-growing number of retail investors, with more than 10x growth in transactions in 2020.”