Pluang, an Indonesian wealth tech firm, revealed today that it has raised an additional US$55 million in a Series B round of funding sponsored by Accel Partners.
Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures, as well as current investors Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures, all co-invested.
Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin, co-founders of Axie Infinity; ex-LearnVest CEO Alexa von Tobel; Pismo CTO Daniela Binatti; Monzo COO Sujata Bhatia; Public.com co-CEOs Jannick Malling and Leif Abraham; FalconX CEO Raghu Yarlagadda; Flink CEO Sergio Jimenez; The Chainsmokers; and Gold House.
Pluang received a new round of funding just four months ago, for a total of US $35 million. With this, the company’s total Series B investment has surpassed US $110 million. The new funds will be used to improve the company’s technology and extend its product offerings to include other asset classes, such as Indonesian stocks and worldwide equities. Pluang also intends to grow into other Southeast Asian countries.
Pluang is an Indonesian micro-savings and micro-investment company founded by Claudia Kolonas and Richard Chua while at Harvard Business School. Users may monitor or top up their accounts, conduct transactions, and cash out at any time by connecting to the company’s mobile app. Users can save as little as $0.50 in micro-savings.
Pluang provides gold, stock indexes from the United States, and cryptocurrencies.
In the archipelago, the wealth tech business claims to have over four million registered users. Pluang saw a 22x increase in monthly transactional users between January 2020 and November 2021.
Pluang announced a $20 million pre-Series B financing in March, anchored by Openspace Ventures and including Go-Ventures. The business had received $3 million in Series A investment two years prior.