Pluang Secures $20M Pre-Series B Funding - Indonesian Investment App

Pluang Secures $20 Million in Pre-Series B Funding

Fintech firm Pluang, operating out of Indonesia, has announced the successful completion of a $20 million pre-Series B funding round. Openspace Ventures spearheaded the investment, with additional participation from Go Ventures and existing investors.

Accessibility to Investment Products

Pluang distinguishes itself by offering unique savings and investment solutions. These products are designed to be inclusive, allowing users to begin investing with contributions as small as $0.50 USD.

Go Ventures, the investment division of Gojek, had previously invested in Pluang’s $3 million Series A round, finalized in March 2019. Currently, Pluang’s services are integrated within popular “super apps” such as Gojek, Dana, and Bukalapak.

Cost-Effective Customer Acquisition

The company reports a remarkably low customer acquisition cost of $2 per active user. This efficiency is attributed to Pluang’s strategy of developing its own financial products.

Instead of relying on third-party financial institutions, Pluang creates investment opportunities in areas like gold, U.S. equity indices, and cryptocurrencies.

From left to right: Aditya Jha, Pluang’s head of engineering and co-founders Claudia Kolonas and Richard Chua. Image Credits: Pluang

Future Development and Expansion

The newly acquired funds will be allocated towards the development of new, proprietary financial products. These will expand the range of asset classes available to users, with a particular focus on including government bonds.

Pluang founder Claudia Kolonas stated that previously, access to these asset classes was limited to wealthier individuals in Indonesia. She emphasized the company’s belief that everyone deserves the opportunity to grow their savings.

Growing Indonesian Fintech Landscape

Pluang is part of a burgeoning fintech sector in Indonesia. Other companies like Ajaib, Bibit, and FUNDtastic have also recently secured funding.

These platforms share a common goal: to democratize investing by providing an alternative to traditional brokerage firms, which often impose substantial fees.

Rise of Retail Investors in Indonesia

Currently, a relatively small portion of Indonesia’s population actively participates in retail investing. However, this number is steadily increasing, particularly among the 18-30 age demographic.

This growth is fueled by factors such as heightened financial awareness during the pandemic and the increasing influence of financial content creators.

Openspace Ventures’ Perspective

Shane Chesson, founding partner at Openspace Ventures, commented on Pluang’s impressive growth and strong unit economics over the past year. He expressed enthusiasm for continuing to support the team in their mission to empower Indonesians to build their savings.