Indonesia-based online investment app Ajaib has announced the completion of a $2.1-million seed funding round co-led by SoftBank Ventures, Y Combinator, Alpha JWC, Insignia Ventures Partners and an undisclosed former Sequoia partner.
In an interaction with DEALSTREETASIA, Ajaib CEO and co-founder Anderson Sumarli said that the fresh funding will be used to beef up its engineering team and for product improvements.
Ajaib, launched this month, is the first smart online investment application born out of Y Combinator (YC) startup incubator. It aims to become the “Ant Financial of wealth management in Indonesia” by democratising access to personal investment services for the country’s middle class. The company has already obtained a license from the Indonesian Financial Services Authority (OJK).
In Indonesia, Ajaib will compete with existing players in the online investment space including Bareksa, a platform that offers services ranging from financial data to online tool to news and analysis on investment and market.
Ajaib becomes the latest Indonesian startup to be backed by SoftBank Ventures. The VC has previously invested in digital health startup Alodokter, co-working space EV Hive and e-commerce company Tokopedia.
The VC, an early-stage investment vehicle of Japanese internet conglomerate SoftBank Group, was previously known as SoftBank Ventures Korea but recently renamed itself as itself SoftBank Ventures Asia as it seeks to increase investments globally with an emphasis on Asia.
The firm says it is looking to expand its presence beyond Seoul, Beijing, San Francisco, and Tel Aviv by targeting to open offices and hire investment professionals in Singapore and Shanghai.