Bibit, a digital investment platform focused on increasing investment opportunities within Indonesia, has secured $30 million in funding led by Sequoia Capital India. The investment round also included participation from existing investors such as East Ventures, EV Growth, AC Ventures, and 500 Startups.

This new capital represents a growth-stage investment following Bibit’s Series A funding round in May 2019. According to chief executive officer Sigit Kouwagam, the company’s cumulative funding now totals $45 million, as reported to TechCrunch.

As a component of the Stockbit Group, Bibit primarily serves a user base comprised of approximately 90% millennials and individuals new to investing. Similar to other automated investment services, Bibit’s core function is to simplify the process of building investment portfolios customized to individual risk tolerance and financial objectives. Other Indonesian investment applications addressing the increasing demand for retail investment options include Bareksa and Ajaib, which has backing from SoftBank Ventures.

Bibit reports having onboarded over one million first-time investors in the last twelve months. Highlighting the potential of the Indonesian market, the company references data from the Indonesian Stock Exchange and Indonesia Central Securities Depository, which indicates a 56% year-over-year increase in retail investors in 2020, with roughly 92% of these new investors falling within the 21 to 40 age range. However, participation in the stock market remains limited to approximately 2% of the Indonesian population.

Kouwagam noted that a significant portion of Indonesian savings are traditionally held in low-interest bank deposit accounts or checking accounts.

He further explained that while real estate and physical gold have historically been common investment choices, younger investors – millennials and Generation Z – are increasingly favoring “more profitable, easily accessible investments that require a smaller initial investment.”

The recent pandemic has also encouraged more individuals to establish emergency savings, leading a growing number of Indonesians to explore the capital markets as a means of achieving higher returns compared to traditional, low-interest bank accounts.