Indonesian wealth tech startup Pluang raises $35m in latest funding

Indonesia's wealth tech Pluang co-founders, Claudia Kolonas (left) and Richard Chua (right). (Photo courtesy of Pluang)

Jakarta-based wealth-tech startup Pluang has raised an additional $35 million led by Australian venture capital Square Peg to close its latest funding round at a total of $55 million, according to a statement on Monday.

US-based investment firm SIG, UOB Venture Management, and existing investors, including Gojek’s investment arm Go-Ventures and Openspace Ventures, also participated in the latest round.

Pluang raised the earlier tranche of $20 million in March. As reported earlier this year, Pluang secured $20 million in a pre-Series B round led by its existing investor Openspace Ventures. Return backers, including Go-Ventures, also joined the round.

Pluang will use the additional funding to develop products and hire new talent to cater to its growing customer base.

Pluang, which was founded by Claudia Kolonas and Richard Chua, taps into the growing middle class in Southeast Asia’s biggest economy by offering retail investors an option to invest in gold, equity indices, mutual funds, and cryptocurrency for as low as $0.50.

In a country with very low financial literacy, Pluang places importance on educating its customers on investing and long-term wealth creation. Pluang has been selected to provide mini-apps within large ecosystems – including Gojek, Dana and Bukalapak, with several more in the pipeline, per the statement.

“We have been impressed with Claudia and Richard’s vision to democratise access to wealth creation opportunities for all Indonesians, and their sense of responsibility to improve financial literacy in Indonesia”, said Tushar Roy, Partner, Square Peg. 

Since its rebranding from EmasDigi, Pluang has amassed nearly 3 million registered users.

According to the survey by Indonesia’s financial services authority in 2019, less than 40% of the 12,773 respondents have adequate knowledge, know-how, and confidence to make an informed financial decision. This number, however, has improved since 2013.

As reported by DealStreetAsia, Indonesia’s wealth tech startups have raised $356 million up to June this year, thanks to the support by a new generation of retail investors.

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.