Integrated investment app Pluang, developed and managed by futures and crypto trading firm PT Bumi Santosa Cemerlang (BSC), has raised US$55 million in a Series B funding round led by the United States venture capital firm Accel. The latest funding round for the Indonesian fintech company, one of the fastest-growing in Southeast Asia, brings its total investments in 2021 to US$110 million and will enable it to further invest in its technological capabilities, expand its asset classes and widen the reach of its services.
Considering Indonesia its home market, Pluang has recognized the country’s potential for economic expansion, attributable to its digitally driven culture and high population. Global investors have also identified the country as having high economic potential, bringing in $8.2 billion in investment for several start-ups in 2020 alone. Given its high rates of internet and smartphone penetration, as well as its savings per capita, which is expected to double over the next decade, the country provides a pathway for first-time investors to establish new money management habits that were previously impossible.
“Providing mobile access to an easy-to-use investment product is a massive component of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia. With this additional funding, our team will be able to accelerate our momentum and provide the tools, resources, and education necessary to set up more customers for long-term wealth creation. We are absolutely thrilled to have the world-class team at Accel, as well as our other investors, supporting us in Pluang’s next growth stage.” said Pluang cofounder Claudia Kolonas.
Pluang was founded by Claudia, a veteran in Indonesia’s financial services industry, and serial entrepreneur Richard Chua, who has experience at Google and at Bain & Company. Both co-founders are graduates of Harvard Business School.
January 13, 2022, The Jakarta Post