Ajaib Secures $65 Million Extension to Series A Funding

Ajaib, an investment application based in Indonesia, has successfully increased its Series A funding by $65 million. This addition brings the total for the round to $90 million.

Ribbit Capital spearheaded the extension, marking the firm’s initial investment within the Southeast Asian region. Notably, Ribbit Capital recently led a $3.4 billion funding round for Robinhood last month.

Expansion Plans and Investment Details

The newly acquired funds will be allocated towards bolstering Ajaib’s product development and expanding its engineering team. The company announced the initial $25 million closing of its Series A round in January.

Ajaib asserts its position as the fourth-largest stock brokerage in Indonesia, measured by trade volume.

Several other investors participated in this funding round, including:

• Y Combinator Continuity
• ICONIQ Capital
• Bangkok Bank PLC
• Horizons Ventures
• SoftBank Ventures Asia
• Alpha JWC
• Insignia Ventures

Furthermore, the founders of prominent fintech companies, Nubank’s David Velez and Toss’s SG Lee, also contributed to the investment.

Company Background and Market Opportunity

Founded in 2019 by Anderson Sumarli and Yada Piyajomkwan, Ajaib aims to democratize stock investing for new investors. The company is part of a growing wave of fintech startups focused on increasing accessibility to financial markets.

Currently, stock ownership in Indonesia remains low, with less than 1% of the population invested in the stock market. However, this figure is steadily rising, particularly among the millennial generation.

Other Indonesian investment apps that have recently attracted funding include Pluang, Bibit, and Bareksa.

Ajaib distinguishes itself through its low-fee trading platform and the availability of mutual funds, offering investors diversification options.

Ribbit Capital’s Perspective

Micky Malka, a managing partner at Ribbit Capital, stated that a significant shift is occurring in retail investing globally. He believes Ajaib is leading this change and is well-positioned to become a highly trusted brand.

Malka further emphasized Ajaib’s dedication to transparency and its commitment to serving Indonesian millennial investors with superior products, aligning with leading companies worldwide.

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