The startup plans to venture into mobile content with the newly acquired capital. The team will also use the funds to build its product, boost marketing efforts, and to speed up recruitment.
Traders and investors can utilise Stockbit’s advanced analytics tools to make more informed investment decisions on the Indonesia Stock Exchange (IDX). The company has reinvented the way people research and do their analysis. With Stockbit, users can store all their analysis in the cloud, and make professional investment decisions from anywhere.
Stockbit provides options not previously available to retail investors, including institutional-quality financial data, a sophisticated stock screener, and professional charting tools with real-time price and custom indicators.
In addition to monitoring the IDX from anywhere, traders can also share analysis and discuss the latest news in real-time on Stockbit’s social networking platform. For the first time ever, fellow traders in Indonesia can communicate and follow what other investors are doing within the platform.
“We find Stockbit interesting because it provides a level playing field between institutional and retail investors in Indonesia,” says Andrias Ekoyuono, VP of business development at Ideosource. “The team is tackling a very interesting market poised for huge growth, as the Indonesia Financial Services Authority wants to attract five million retail investors by 2017.”
“The Indonesian stock market, as with most emerging markets, is inefficient. This is partly due to the lack of available data and easy-to-access technology,” says Stockbit co-founder and CEO Wellson Lo.
“We believe by having an analytics platform online, coupled with quality data, it will help empower the market through better collaborative analysis. With better tools and a supportive community, we believe that Stockbit has potential to revitalize this industry in the long-term,” he said.
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.
Currently, almost 10 per cent of the total registered retail investors in Indonesia are Stockbit users, with an average duration of 8 minutes per visit. The startup is recording a 15 per cent month-to-month organic growth in unique users.
In the near future, Stockbit will launch its Android and iOS mobile apps. The startup will also provide brokerage services to users so they can trade directly from Stockbit. The team’s vision is to furnish traders and investors in Indonesia with an all-in-one, integrated platform to help them thrive on the local stock market.