Indonesia’s investment platform Ajaib Group has secured as much as $25 million in its Series A round, per an announcement.
The round was led by Li Ka-Shing’s Horizons Ventures, and Alpha JWC, with the participation of existing investors namely SoftBank Ventures Asia, Insignia Ventures, and Y Combinator.
The corpus raised will help Ajaib expand its technology infrastructure, ramp up headcount for engineering, and strengthen product offerings. A majority part of the capital will be used by the company for its education campaign to support the Indonesian government’s effort to educate millennials on investing and financial planning.
Founded in 2019, Ajaib Group offers two services. One is through Ajaib Sekuritas, an online stock trading platform, and the other is through online mutual funds platform Ajaib Reksadana. In a statement issued to the media, the company said Ajaib Sekuritas is the fifth-largest stockbroker in the archipelago with over 10 billion lots of stocks traded.
“Ajaib is laser-focused on seamless experience and education because those are important for millennial investors like myself,” said Ajaib Group co-founder and CEO Anderson Sumarli.
Meanwhile, Alpha JWC managing partner Jefrey Joe added that the investment sector in Indonesia is still underserved and lacks accessibility. “Ajaib addresses the issue and revolutionizes the industry in just 2 years,” added Joe in a statement.
Going forward, in 2021, Ajaib plans to include new generation of investors to Indonesia’s capital markets. As of December 2020, there are only 1,59 million stock investors in Indonesia, which accoutns for less than 1% of the country’s stock brokerage accounts. The company plans to launch several new offerings and expand its investment education campaigns targeted towards millennials.