Ajaib becomes Indonesia’s newest unicorn, raises $153m Series B led by DST Global

Indonesian fintech startup Ajaib has raised $153 million in a Series B financing led by DST Global that takes its valuation past the $1 billion mark, according to a company statement.

Existing investors including Ribbit Capital, Li Ka-shing’s Horizons Ventures, ICONIQ Capital, IVP, Insignia Ventures, Alpha JWC, and SoftBank Ventures Asia joined the round.

DealStreetAsia had in September reported Ajaib’s plans to close a new funding round led by DST Global and its impending entry into the unicorn club.

Ajaib allows users to buy and sell stocks and mutual funds on its platform. It claims to be the first online brokerage in Indonesia to scrap minimum capital requirements for users.

The fintech company has become Indonesia’s seventh unicorn, just two and a half years since its launch. It has raised a total of $243 million this year alone.

The latest funding follows a $65 million round in March led by Silicon Valley fintech investor Ribbit Capital and a $25 million round in January led by Horizons Ventures and Alpha JWC Ventures.

Ajaib co-founder and CEO Anderson Sumarli said the startup will be using the funds to recruit product & engineering talent from the region and launch products to attract more first-time investors. 

“Our mission is to welcome a new generation of investors to modern financial services. Indonesia still has only 1% stock investor penetration. We’re just beginning to realise our mission,” he added in the statement. 

Ajaib claims 1 million out of a total of 2.6 million stock accounts in Indonesia. It has processed over 32 million transactions year-to-date, 10 times more than in 2020. This makes Ajaib the third-largest stock brokerage in Indonesia by the number of transactions. The majority of its customers are first-time stock market investors, largely the millennial and Gen Z population.

“Ajaib is building world-class products based on modern financial architecture to serve the new generation of Indonesians entering the investment market,” said DST Global managing partner Thomas Stafford.  

“The success of Ajaib represents the growth and strength of Indonesia’s technology and capital markets. We take great pride in building the country’s digital ecosystem and in bringing real impact to the daily lives of the Indonesian people,” Alpha JWC general partner Chandra Tjan said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.