Indonesia: Ajaib Group, an Indonesian online investment platform targeting millennials and first-time investors, has secured US$25 million in Series A funding, led by Horizons Ventures, the VC firm founded by Hong Kong billionaire Li Ka-Shing, and Alpha JWC.
Existing investors SoftBank Ventures Asia, Insignia Ventures and Y Combinator also participated in the round, which was closed in two tranches.
As per a report, the money will be used to expand Ajaib’s tech infrastructure and products as well as scale its engineering team. In addition, the firm will also work with the government to educate millennials on investing and financial planning.
Founded in 2019 by Anderson Sumarli (CEO) and Yada Piyajomkwan (COO), Ajaib claims it runs the fifth-largest stock brokerage in the archipelago by the volume of trades, with one million monthly users on its platform.
While Ajaib has long-term plans to expand regionally, its focus for the near future would be capturing the Indonesian market, where it sees “plenty of opportunities”.