As written by Catherine Shu inTechCrunch (Found here)
Indonesia-basedfintech Pluang announced today it has raised$20 million in a pre-Series B round led by OpenspaceVentures,with participation from Go Ventures and other returning investors. The companyoffers proprietary savings and investment products that allow users to makecontributions starting from 50 cents USD.
Go Ventures, theinvestment arm of Gojek, also participated in Pluang’s $3 million Series A,which closed in March 2019. Pluang is available through partnerships with“super apps” like Gojek, Dana and Bukalapak, and currently claims more than onemillion users.
The company saysit is able to maintain a low customer acquisition cost of $2 per transactingcustomer because it creates its own products, including investment accounts forgold, U.S equity indices and cryptocurrencies, instead of working withthird-party financial service providers.
Pluang’s latestround will be used to develop proprietary financial products to cover moreasset classes, including government bonds.
“Previously,these assets classes were only available to the wealthy in Indonesia,” saidPluang founder Claudia Kolonas in a statement. “However, we believe thateveryone should have the opportunity to grow their savings, and our newproducts will reflect that.”
Pluang is amongseveral Indonesian financial apps, including Ajaib, Bibit and FUNDtastic, thathave recently raised funding. All focus on making investing accessible to morepeople by giving them an alternative to traditional brokerage firms thattypically charge high fees.
In Indonesia,less than percent of the country’s population are retail investors,but that number is growing, especially among people aged 18 to 30. This isdue to a combination of factors, including increased interest in financialplanning during the pandemic and the rise of stock influencers.
In a statement, Openspace Ventures foundingpartnerShaneChessonsaid, “Pluang has demonstrated tremendous growthover the last 12 months with industry leading unit economics. We’re excited tocontinue supporting the team, as they sustainably accelerate their ambitions tohelp every Indonesian grow their savings.”