Bibit.id, a digital investment app in Indonesia, has raised US$65 million of funding from Sequoia Capital India, joined by Prosus Ventures, Tencent and Harvard Management Company. Existing investors including AC Ventures and East Ventures also participated in the round.
This fresh funding will strengthen Bibit’ balance sheet after the company raised $30 million early this year. The funds raised will be used for the launch of new products, tech development, acquire talents, and invest heavily to increase financial education and awareness to further build the Bibit platform that is transforming the way new generations invest in Indonesia.
The CEO, Sigit Kouwagam, commented, “Bibit is leveraging on technology to make investment accessible to everyone, including the inexperienced first-time investors. Therefore, we are seeing an accelerated interest from retail investors into the capital market.”
Rohit Agarwal, VP, Sequoia India, stated, Indonesian mutual fund customers have grown almost 10 times in the past five years and his office is excited to double down on the partnership as the company brings the same customer focus to stock investing with Stockbit. While, Sachin Bhanot, head of Southeast Asia Investments at Prosus Ventures added, the digital wealth management segment in Indonesia is at an inflection point, driven by the country’ millennial-led, mobile first economy.