PINA, Indonesian wealth management, and financial planning company has received undisclosed funding from a number of regional investors.
The round was funded by 1982 Ventures, iSeed Asia, Indonesia’s PT Prasetia Dwidharma, Oberyn Capital, and a number of undisclosed angel investors.
The money will be utilised to speed PINA’s product development and expansion ahead of its November 2021 debut, allowing it to take advantage of Indonesia’s burgeoning retail investing industry.
PINA, founded in 2021 by Daniel van Leeuwen, a former Grab CEO, and Christian Hermawan, a financial industry expert, offers automated money management and investing options through a single app. It also provides consumers with individualised professional guidance.
“Wealth creating tools reserved for high-net-worth individuals are now available to all,” said Daniel van Leeuwen, co-founder, and CEO of PINA.
The Indonesia Stock Exchange (IDX) reported last month that in the first eight months of the year, the country saw the emergence of a record one million new equity investors, increasing the overall number of retail stock investors to 2.69 million. Despite its small size in comparison to Indonesia’s population of approximately 270 million people, this number is ideal ground for stock trading applications that provide access to financial goods.
Ajaib, an Indonesian online investing platform aimed at millennials and first-time investors, secured a massive US $90 million Series A round earlier this month, making it one of the largest in Southeast Asia at the time.
In recent years, Indonesia’s retail savings and investment sector has accelerated. According to Research and markets, the market’s worth quadrupled from US $108 billion in 2008 to US $326 billion in 2018. In 2022, this figure is anticipated to exceed $400 billion.