Indonesian online investment platform that specially targets millennials and first time investors, Ajaib Group has secured US$25 million in Series A funding. The round of financing was co-led by by Horizons Ventures, the venture capital firm started by Hong Kong multimillionaire Li Ka-Shing, and Alpha JWC.
Existing investors SoftBank Ventures Asia, Insignia Ventures and Y Combinator also patronized this round.
The fresh capital inflow brings the total amount of capital raised by the fintech startup to US$27 million.
According to a comprehensive report, the fresh funds will be invested in expanding Ajaib’s tech infrastructure and products as well hiring more talents to enhance the startup’s engineering team. Also, the firm will also work with the government to educate millennials on investing and financial planning.
Founded in 2019, Ajaib Group provides two services. It provides an online stock trading on its Ajaib Sekuritas platform, also, an online mutual funds platform on its Ajaib Reksadana platform. In a statement issued to the media, the company said Ajaib Sekuritas is the fifth-largest stockbroker in the archipelago with over 10 billion lots of stocks traded.
“Ajaib is laser-focused on seamless experience and education because those are important for millennial investors like myself,” said Ajaib Group co-founder and CEO Anderson Sumarli.