Indonesia: Stockbit raises new round from 500 Startups, other investors

The team behind Stockbit. Visual from the company

Indonesia-based social network for stock market investors, Stockbit, announced Tuesday that it has raised a pre-Series A round of investment from 500 Startups and other existing backers, including Ideosource and Braavos Ventures.

The funding, which is of an undisclosed sum, will be used for general business expansion. Stockbit has been in development since last year and will become available on iOS and Android apps soon.

Commenting on the investment, 500 Startups Partner Vishal Harnal said: “What Stockbit is building has the potential to jumpstart stock market investing in Indonesia. They have a clear advantage over any competition in the market as Stockbit is already the largest and most active community of stock traders in the country.”

Stockbit claims to “empowers anyone investing in the stock markets to effortlessly follow the trades made by top performing investors.”

It describes itself as a company built on the philosophy of the sharing economy. Its goal is to minimize major pain points in the journey of investors through a number of ways.

“Our proposition is simple. Just copy, let the best do the rest,” Wellson Lo, Stockbit CEO and co-founder, said in a statement to DEALSTREETASIA.

Through the Stockbit mobile app, users will be able to view other users’ portfolio and their performances. With a touch of a button, users can allocate their desired sum of money to copy other experienced users’ portfolio. Any changes made on the leader’s portfolio will be automatically reflected in the followers portfolio in real time.

“This allows people to avoid the steep learning curve and tedious stock picking analysis required in capital market investing,” the Stockbit team said.

Hence, it plugs the gap in education, experience and technical resources that most casual stock market investors lack by allowing them to copy the trades of those more proficient and successful than them, the company added.

Public participation in the stock market is extremely underrepresented in Indonesia, with less than 0.3 percent of the adult population have a stock trading account. In Singapore, it’s 39 percent and more than 20 percent in China.

The app also claims to correct the misalignment of interest with the brokerages who encourage clients to trade frequently despite trading losses, to profit from trading fees.

Stockbit was created by two friends who met in Melbourne. Wellson comes from a finance background and previously worked for KPMG Singapore, while co-founder and CTO Johny Susanto is a full-stack engineer. His experience with both front and back-end programming comes from nine years of related work experience in Australia and Indonesia.

Stockbit monetizes through a freemium subscription model. The startup’s premium features are comparable to those of a Bloomberg Terminal, but at a fraction of the cost, it claimed.

Also Read:

Indonesian investment intelligence platform Stockbit raises seed funding from Ideosource 

Exclusive: Indonesia’s Muslimmarket.com raises Series A from 500 Startups, others

Indonesia: Online gaming marketplace itemku raises $1.2m from 500 Startups

500 Startups invests $200k in Cambodian news portal Khmerload

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.