Bibit, an Indonesia-based digital investment platform has announced it has raised US$30 million funding to accelerate its robo-advisory platform and other augmenting services.
East Ventures, EV Growth and 500 Startups reinvested in this round with Sequoia Capital India joining as a newcomer.
Started in 2019, Bitbit’s robo-advisory platform gives users the chance to develop their customised portfolios based on their risk profiles and investment goals.
In a statement released by Bibit, CEO Sigit Kouwagam said the startup has experienced a high growth rate since its launch, with more than a million first-time investors joining in 2020.
He credited the growth to increased awareness and education on investment as well as the importance of having good personal financial management. Some 90 per cent of Bibit users are millennials and first-time investors.
“Consumers across the world are moving their savings from low-yielding assets like gold and real estate to higher-yielding financial products,” said Rohot Agarwal, VP of Sequoia India.
“In Indonesia, Bibit has become the most trusted platform for millions of consumers with its well-balanced portfolio that offers the best risk-adjusted returns,” he added.