Indonesia-based online investing platform Pluang has raised $55 million in a funding round led by US venture capital firm Accel, according to a statement on Wednesday.
The participating investors include Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin (Axie Infinity founders), Alexa von Tobel (former Learnvest CEO), Daniela Binatti (Pismo CTO), Sujata Bhatia (Monzo COO), Jannick Malling and Leif Abraham (Public.com co-CEOs), Raghu Yarlagadda (FalconX CEO), Sergio Jimenez (Flink CEO), The Chainsmokers, BRI Ventures and Gold House.
Pluang’s existing investors Square Peg Capital, Go-Ventures, UOB Venture Management and Openspace Ventures also topped up in the round.
This marks a part of the Series B round for the company. Pluang last raised $35 million in a round led by Square Peg Capital last September.
With the latest round, the total capital raised by the company since the beginning of last year stands at $110 million.
According to Pluang, the proceeds will be used to develop its technology capabilities and expand its asset classes. The Jakarta-based firm also plans to expand its presence into key international markets.
Pluang first launched in 2019 by allowing users to trade gold. Since then it has deepened its suite of asset classes to include gold, indexes, mutual funds and crypto efforts. The wealth management platform has also deepened its integrations with regional superapps and wallets including Gojek, DANA, Tokopedia and Bukalapak to drive reach.
“Providing mobile access to an easy-to-use investment product is a massive element of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia as a region. Not too long ago, many of the asset classes that can be accessed through Pluang were only available to the privileged and wealthy while the rest of the population experienced low financial literacy and limited investing options,” said Claudia Kolonas, co-founder of Pluang.
“With this additional investment, our team will be able to accelerate our momentum and provide the tools, resources and education necessary to set more customers up for long-term wealth creation,” she added.
The COVID-19 pandemic has provided a boon to online trading platforms globally, as internet users flock to stock trading platforms and crypto wallets to bolster their financial holdings.
In Indonesia, this has drawn the attention of venture capitalists to similar wealth management platforms like Ajaib, Bibit and Bareksa, which have all seen a surge in overseas funding as well as market adoption for their services.
According to Pluang, over 4 million users have registered with them in Indonesia. The firm also saw tremendous growth of 22x in monthly transacting users and 28.5x growth in users with an active balance from January 2020 to November 2021.