Online brokerage firm Ajaib becomes Indonesia’s fastest unicorn

0

Indonesian Ajaib, an online equity trading platform, became a unicorn just two and a half years after its launch. The company would have crossed the threshold faster than any other startup in the archipelago.

Ajaib has raised $ 153 million in a Series B funding round led by DST Global. Existing investors who have also joined the financing round include Ribbit Capital, Horizons Ventures by Li Ka-shing, Iconiq Capital, IVP, Insignia Ventures, Alpha JWC and SoftBank Ventures Asia. With a valuation of $ 1 billion, Ajaib became the seventh unicorn to emerge from Indonesia.

Ajaib co-founder and CEO Anderson Sumarli said the company plans to use the funds to recruit product and engineering talent and launch new products to attract more novice investors.

“Our mission is to welcome a new generation of investors into modern financial services,” he said in a statement. “Indonesia still only has 1% equity investor penetration. We are just beginning to achieve our mission.

Sumarli teamed up with Yada Piyajomkwan, an MBA classmate at Stanford, when they created Ajaib in 2018. Graduated from Y Combinator, the majority of its users are Millennials and Gen Z who are learning for the first time. to invest and manage their heritage. . Ajaib is often compared to the American online brokerage Robinhood Markets, which shares many of the same funders.

Ajaib’s accomplishments earned Sumarli and Piyajomkwan a place on Forbes Asia List of 30 under 30 for 2020.

The number of stock market investors in Indonesia has increased dramatically during the pandemic. The Indonesian Stock Exchange (IDX) said there were nearly 2.7 million stock accounts at the end of August this year.

Ajaib says he has 1 million of these accounts on his platform. The company has also reported more than 32 million transactions so far in 2021, a ten-fold jump from the previous year, making it the third largest brokerage house in Indonesia.

So far, Ajaib has participated in more than a dozen IPOs, including the country’s largest ever listing that has seen Bukalapak raise $ 1.5 billion. Ajaib claims that tens of thousands of investors have ordered Bukalapak shares in the primary market through its app.


Source link

Share.

Leave A Reply