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.