Indonesian stockbroker Ajaib raises $25m Series A

Existing investors SoftBank Ventures Asia, Insignia Ventures, and Y Combinator re-upped. The round is being touted as one of the largest Series A investments in Indonesia.

The fresh capital will be used to expand Ajaib’s technology infrastructure, recruit engineering talent, and deepen product offerings. A significant part of the capital will support an investment and financial planning education campaign for millennials.

Founded in 2019, Ajaib targets millennials and serves more than one million users monthly, providing stock trading and mutual fund services. The company became the fifth-largest stockbroker in Indonesia by number of trades within seven months of launch in June 2020. More than 10 billion lots of stocks are traded through its platform.

As of December 2020, there are only 1.5 million active stock investors in Indonesia, less than 1% of the country's population. To attract a new generation of customers, Ajaib has named Korean actor Kim Seon-ho from the Netflix drama Start-Up as a brand ambassador.

“As a millennial, I know what the experience is like to start investing. That’s why Ajaib is laser-focused on seamless experience and education because those are important for millennial investors like myself,” Anderson Sumarli, co-founder and CEO of Ajaib, said.

Frances Kang, a director at Horizons, described Ajaib's platform as offering unprecedented levels of transparency and efficiency, which would give young and budding investors the freedom to build out their financial futures with ease.

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• Topics
• Southeast Asia
• Technology
• Financials
• Early-stage
• Indonesia
• Fintech
• Softbank
• Horizons Ventures
• Alpha JWC Ventures
• Insignia Venture Partners
• Y Combinator
• Financial Services