Pluang Raises $55M in Funding Round Led by Accel

Pluang Secures $55 Million in Funding Led by Accel

The Jakarta-based investment application, Pluang, has announced a new funding round of $55 million, spearheaded by Accel. This investment represents an extension of the company’s Series B financing, bringing the total for that round to $110 million.

Funding Allocation and Expansion Plans

The newly acquired capital will be strategically deployed to facilitate Pluang’s expansion into additional Southeast Asian markets. Furthermore, resources will be dedicated to broadening the range of available asset classes and bolstering the company’s hiring efforts.

Pluang previously completed a $3 million Series A funding round in 2019.

Notable Investors in the Current Round

A diverse group of investors participated in this latest funding round. These include Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, Jeffrey Zirlin, Alexa von Tobel, Daniela Binatti (Pismo CTO), Sujata Bhatia (Monzo COO), Jannick Malling and Leif Abraham (Public.com co-CEOs), Raghu Yarlagadda (FalconX CEO), Sergio Jimenez (Flink CEO), The Chainsmokers, and BRI Ventures.

Existing investors, such as Square Peg, Go-Ventures, and Openspace Ventures, also contributed to the round.

Pluang’s Growth and Investment Offerings

Established in 2019, Pluang initially focused on gold investments. The platform has since diversified its offerings, enabling investors to build more varied portfolios and mitigate risk.

Investors can begin with as little as IDR 10,000 (under $1 USD) in assets like gold, indexes, mutual funds, and cryptocurrencies. The application is preparing to introduce functionality for investing in fractional U.S. stocks.

Focus on Accessibility for New Investors

“Making investment accessible is paramount, particularly for those new to the retail investment landscape,” stated Claudia Kolonas, co-founder and co-CEO of Pluang.

User Base and Growth Metrics

Pluang is integrated with prominent Indonesian super apps, including Gojek, DANA, Tokopedia, and Bukalapak. The company currently reports 3.5 million registered users in Indonesia.

From January 2020 to November 2021, Pluang experienced a 22-fold increase in monthly active users and a 28.5-fold growth in users maintaining an active balance.

Indonesia’s Evolving Investment Landscape

Indonesia exhibits high savings rates coupled with historically low levels of retail investment, a dynamic that is undergoing rapid transformation.

Competitive Landscape

Other investment applications targeting the Southeast Asian market include Pintu (Indonesia), Bibit (robo-advisor, Indonesia), Ajaib (Indonesia), and Syfe (Singapore).

Drivers of Investment Growth

Kolonas attributes the rising interest in investment to the widespread adoption of smartphones and the country’s substantial savings per capita. “This creates a significant opportunity to reach millions of potential first-time investors who are now able to develop sound financial management practices,” she explained.

“Previously, many of the asset classes available through Pluang were exclusive to the affluent, while others faced limited options and a lack of financial literacy.”

Commitment to Financial Literacy

Pluang incorporates financial literacy resources into its platform, an area Kolonas emphasized is a key priority. The new funding will support the development of tools, resources, and educational materials to empower users for long-term wealth creation.

Accel’s Perspective

Ethan Choi, a partner at Accel, stated that Pluang represents Accel’s fourth investment in consumer investment applications globally, following investments in Public.com (U.S.), Trade Republic (Europe), and Flink (Latin America).

“We were actively seeking a leading player in Southeast Asia,” Choi noted. “After engaging with Claudia and Richard [Chua, Pluang’s other co-founder and co-CEO], we were particularly impressed by their achievements with limited capital and their unique position as the only platform offering licenses and products for multiple asset classes – including equities, indexes, and crypto – which we believe is essential for building a substantial business in this region.”