Indonesia: Indonesia-based digital investment platform Bibit has raised US$30 million in fresh funding to expand its robo-advisory platform and other services.
Sequoia Capital India joined existing investors East Ventures, EV Growth, and 500 Startups in the round.
Launched in 2019, Bitbit’s robo-advisory platform enables users to build customized portfolios based on their risk profiles and investment goals. It was originally launched as Stockbit, a platform for investment news and for investors to share strategies in real-time, before rebranding and pivoting to provide automated investment services.
In a statement released by Bibit, CEO Sigit Kouwagam said the startup has experienced a high growth rate since its launch, with more than a million first-time investors joining in 2020.
With 90 percent of Bibit users being millennials and new investors, Kouwagam remarked the growth is a consequence of increased financial literacy and a renewed focus on personal finance management among the younger generation.
Data from Indonesia Stock Exchange and Central Custodian showed that the number of retail investors in the country grew by 56 percent year-on-year in 2020, with growth mainly driven by millennials, who accounted for 92 percent of new investors.