Ajaib, Stockbit, and other Robinhood-like apps stoke Indonesia's retail investing frenzy

Yiorgos Ntrahas / Unsplash

In December last year, Steven Andrian, a 20-year-old resident of Jakarta decided to use the extra time he got to spend at home amid COVID-19 to dabble in stock investing. His preferred app was Ajaib, a two-year-old investment platform backed by the Indonesian venture capital firm Alpha JWC Ventures.

Ajaib, which today made headlines for raising an additional amount of $65 million in its Series A round led by Silicon Valley fintech investor Ribbit Capital, offered faster registration and had a minimum investment ticket size of $0.69, compared with $69.42 for other brokerages.

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