Bibit.id, a digital investment app in Indonesia, has raised US$65 million of funding from Sequoia Capital India, joined by Prosus Ventures, Tencent and Harvard Management Company - Photo by Bank Negara Indonesia

JAKARTA (TheInsiderStories) – Bibit.id, a digital investment app in Indonesia, has raised US$65 million of funding from Sequoia Capital India, joined by Prosus Ventures, Tencent and Harvard Management Company. Existing investors including AC Ventures and East Ventures also participated in the round.

This fresh funding will strengthen Bibit’ balance sheet after the company raised $30 million early this year. The funds raised will be used for the launch of new products, tech development, acquire talents, and invest heavily to increase financial education and awareness to further build the Bibit platform that is transforming the way new generations invest in Indonesia.

The CEO, Sigit Kouwagam, commented, “Bibit is leveraging on technology to make investment accessible to everyone, including the inexperienced first-time investors. Therefore, we are seeing an accelerated interest from retail investors into the capital market.”

Rohit Agarwal, VP, Sequoia India, stated, Indonesian mutual fund customers have grown almost 10 times in the past five years and his office is excited to double down on the partnership as the company brings the same customer focus to stock investing with Stockbit. While, Sachin Bhanot, head of Southeast Asia Investments at Prosus Ventures added, the digital wealth management segment in Indonesia is at an inflection point, driven by the country’ millennial-led, mobile first economy.

Bibit has been at the forefront of democratizing access to wealth management products for a highly underserved retail investor base in Indonesia. We believe the company is uniquely positioned as Indonesia’ leading investing platform and will continue to drive financial inclusion across the country,” he noted.

Based on Indonesia Stock Exchange and Central Custodian data, the number of mutual fund investors in Indonesia grew 78 percent compared to 2020 to 3.2 million. This growth was contributed primarily by millennials, who accounted for 92 percent of the new investors in 2020.

In the first Quarter of 2021 alone, more than one million new mutual fund investors came to the market. Despite this rapid growth, however, less than 2 percent of Indonesians have participated in the capital market so far.

Having started as a platform for investors to share trade ideas, news, and information in real time, Stockbit launched Bibit.id in early 2019. The financial technology is a licensed holder of Mutual Funds Selling Agent under the supervision of The Financial Services Authority. The parent, Stockbit, one of stock investing platform for millennials in Indonesia.

As a part of Stockbit Group, Bibit aims to make investing seamless even for first time investors. According to Indonesia Stock Exchange and Central Custodian data, the number of retail investors in Indonesia grew 56 percent in 2020 compared to a year ago.

This growth was contributed mainly by the millennials, who accounted for 92 percent of the new investors in 2020 came from 21s – 40s age group. Despite this rapid growth, however, only less than 2 percent of Indonesians have participated in the stock market so far.

While, Sequoia India operates in Southeast Asia and India and actively partner with founders from a wide range of companies, across categories, including BYJUs, Carousell, Druva, GoJek, OYO Rooms, Tokopedia, Truecaller, Zilingo, Zomato and more.

Written by Editorial Staff, Email: theinsiderstories@gmail.com