- Indonesian fintech app Pluang has raised $55 million in fresh funding from US investor Accel.
- The app has more than 4 million users and has been growing rapidly during COVID-19.
- Pluang offers retail investors access to different asset classes, including fractional US shares.
A fintech that aims to drive retail investing in Southeast Asia has raised $55 million in a round led by Silicon Valley investor Accel.
Indonesian app Pluang allows users to invest small amounts into a variety of assets including indexes, gold, mutual funds, and crypto.
The startup will also soon offer access to fractional US stocks through its app, which it claims is a first for Indonesia. The Jakarta-based startup has more than 4 million users domestically where interest in investing among younger generations was catalyzed by the pandemic, the company said.
“We plan on using the additional funding to further invest in our technology capabilities, expand our asset classes and increase the availability of Pluang’s app and services across Southeast Asia,” Claudia Kolonas, Pluang’s co-CEO and cofounder, told Insider.
“Our mission is to improve financial literacy and inclusion in Indonesia, and soon throughout Southeast Asia. This funding will go a long way in helping us accomplish that goal, allowing us to provide the tools, resources, and education necessary to set customers up for long-term wealth creation.”
Pluang. which was founded in 2019, plans to double its headcount in 2022. The company also has integrations with Southeast Asian tech giants like Gojek and e-commerce company Tokopedia.
The Series C funding round was led by Accel and brought the company’s total capital raised to date to $113 million.
Additional investors in Pluang’s latest round include the founders of Axie Infinity, Monzo’s COO Sujata Bhatia, delivery startup Flink’s CEO Sergio Jimenez, The Chainsmokers, BRI Ventures, as well as previous investors Square Peg, Go-Ventures and Openspace Ventures.
Check out Pluang’s pitch deck below: