Indonesia’s investment platform Bibit received $80 M from multiple investors

Bibit, an Indonesian investment platform, has secured over $80 million in a round-headed by GIC and including Prosus Ventures and other previous investors. The fundraising stage was not indicated.

Bibit, a mutual fund Robo-advisory investing app launched by Stockbit in 2019, is aimed primarily at millennials and first-time investors. According to the firm, it has touched millions of investors in 500 locations throughout the United States.

According to statistics from the Indonesia Stock Exchange and Central Custodian reported by Bibit, the number of mutual fund investors in Indonesia increased by 80.3 percent to over 7.9 million in April, while the number of stock investors increased by 66.7 percent to 3.8 million in the same time.

Bibit and Stockbit are used by more than half of the investors that contribute to the growth, according to the firm.

Bibit plans to utilize the extra money to offer new goods and services, enhance its technology, hire local talent, and expand its public financial education initiatives.

Bibit received US $65 million in an investment round headed by Sequoia Capital India last year, as well as US $30 million in a previous round with Sequoia, East Ventures, EV Growth, AC Ventures, and 500 Startups.