Sequoia India leads $65m round for Indonesia's Bibit

Prosus Ventures, Tencent Holdings, Harvard Management Company, AC Ventures, and East Ventures have come into the latest investment. The $30 million round in January also feature AC and East, as well as 500 Startups.

Bibit was launched in early 2019 by Stockbit, a start-up that began as a news and information-sharing portal for millennial investors. It aims to democratize capital market investment for inexperienced investors through a range of tech-based portfolio building and education products, and a service that allows for investments starting as low as $1.

The company has raised several VC rounds since 2015 from the likes of IdeoSource Venture Capital Indonesia, Japan’s FreakOut, and UK-based Braavos Ventures. It received $30 million last year from Sequoia India, 500 Startups, AC Ventures, East Ventures, and EV Growth.

Bibit will use the fresh capital to launch new products and develop its technology, as well as for marketing and hiring additional staff. These efforts will attempt to plug into an expanding target market, with the company citing industry research that estimates the number of mutual fund investors in Indonesia grew 78% during 2020 to 3.2 million. Bibit was said to have tracked more than 10x growth in transactions during the year.

“The digital wealth management segment in Indonesia is at an inflection point, driven by the country’s millennial-led mobile-first economy,” Sachin Bhanot, head of Southeast Asia at Prosus, said in a statement. “We believe [Bibit] is uniquely positioned as Indonesia’s leading investing platform and will continue to drive financial inclusion across the country.”

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• Topics
• Southeast Asia
• Financials
• Early-stage
• Indonesia
• Sequoia Capital
• East Ventures
• Tencent
• AC Ventures
• Prosus Ventures
• Financial Services
• Fintech