Indonesia’s trader platform Stockbit acquires mutual fund app Bibit

An electronic ticker board displays stock prices inside the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia, on Thursday, Dec. 17, 2015. Photographer: Dimas Ardian/Bloomberg

Indonesia-based Stockbit, a social network for stock traders, has acquired local investment startup Bibit for an undisclosed fee to simplify investment process for first-time traders.

Prior to the acquisition, which took place late last year, Bibit was an OJK-licensed tech-based mutual fund seller. Following the deal, Stockbit has relaunched Bibit as a robo-advisory platform to simplify conventional time-tested investment products to the Indonesian public.

“(Bibit will be) a one-click solution to invest in an optimal portfolio that is personalized towards your age and risk profile,” Stockbit CEO Wellson Lo told DEALSTREETASIA.

The move will be complementary to Stockbit’s business as community platform that enables traders to share ideas, news and other financial information in real time.

Lo said, the move was prompted by Stockbit’s interest in Bibit’s expertise in the field of mutual funds, the investment instrument of choice for first-time traders.

“The thinking behind it is very simple. We have learnt from our experience running Stockbit that Indonesians are generally new to investing. Many of them are first-time investors and simple question like how do they start investing is often asked.,” he said. “We believe that Reksadana is a sweet spot as an investment instrument for Indonesians to start investing because its diversified and managed by professionals.”

After the acquisition, Bibit will continue to run as a subsidiary of Stockbit and Bibit technology will be integrated within Stockbit as another distribution channel of its product.

Stockbit is backed by 500 Startups after raising an undisclosed pre-Series A funding from the Singapore-based VC in 2017 in a round also participated by previous backers Ideosource and Braavos Ventures.

The company 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 had claimed.

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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.