Indonesian robo-advisor app Bibit raises $30 million led by Sequoia Capital India – ClearTips

Indonesian robo-advisor app Bibit raises $30 million led by Sequoia Capital India – TechCrunch

Bibit, a Rabbo-advisor app, has raised $ 30 million from Sequoia Capital India to make investments in Indonesia more accessible. Returning Investors East Ventures, EV Growth, AC Ventures and 500 Startups also participated.

This is a period of funding growth and comes after Bibit’s May 2019 Series A. This brings the company’s total funding to $ 45 million so far, Chief Executive Officer Sijit Kovagam told ClearTips.

Stock share Group, about 90% of Bibit Users are millennials and first-time investors. Like other robo-advisors, Bibit aims to make it easier to build a portfolio tailored to each individual’s risk profile and investment goals. Other investment apps include Barxa and SoftBank Ventures-backed Ajaib in tapping the growing demand for retail investment production in Indonesia.

Bibit claims that in the last one year, it has registered more than a million investors for the first time. As an example of market potential, the company cites data from the Indonesian Stock Exchange and Indonesia Central Securities Depository, which increased the number of retail investors in the country by 56% in the year 2020, with approximately 92% new investors. . Between 21 and 40. But only 2% of Indonesians have participated in the stock market.

Kovagam said that most Indonesians invest their money in term deposit bank accounts or leave it in low-yield checking accounts.

“Traditionally, they also invest in real estate or physical god bars,” he said, but millennials and Gen Z investors “are moving toward high-yielding liquid investments that are convenient to manage and of low ticket size.” Can be started with. “

The epidemic has prompted more users to create an emergency fund, with more Indonesians looking to the capital market for high-yielding assets as an alternative to low-interest bank accounts.

Be the first to comment

Leave a Reply

Your email address will not be published.